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💰 FinTechFinancial Technology: How Dupaco decreases financial fraud with IPinfo
Dupaco needed to decrease fraudulent financial transactions and member alert fatigue. Here’s how they did it.
About Dupaco
Dupaco was founded in 1948 by ten Dubuque Packing Company employees. Membership has grown to almost 151,000 with assets of nearly $2.8 billion. It has more than 650 employees and 22 branch office locations. Dupaco is a Community Development Financial Institution (CDFI). It is a Forbes Best-in-State Credit Union and a Des Moines Register Top Workplace. Additionally, Dupaco specializes in financial education and incentivized savings. They give members a second chance, teach them how to improve their financial situation, and prepare for the future with savings.
- Client
Kevin Cray
- Customer Since
2022
- Company
Dupaco Community Credit Union
- APIs used
Geolocation, Mobile Carrier
Financial fraud is on the rise
Banking and financial fraud are accelerating. Dupaco, like most financial institutions, is facing fraud head-on. They’ve employed a variety of fraud prevention methods, fraud risk assessments, AI-powered intelligence, and more.
But for Dupaco, the strength of its institution comes from educated and empowered credit-union members. However, a combination of member alert fatigue and ignored notifications prevented Dupaco users from staying a step ahead of bad actors.
Additionally, as fraud has increased over the years, Dupaco was determined to provide its members with as much information as possible to encourage the early detection of suspicious behavior. This includes providing the geolocation to the member via a text or email alert whenever an important action occurs within their account. These events include account logins, money transfers, password changes, email changes, and more.
Finding the right IP address provider
Since Dupaco is a financial institution, they’re a primary target for malicious behavior. It's their responsibility to prevent theft, fraud, and sensitive data from falling into the wrong hands.
They heard about IPinfo because an employee in the IT department formerly worked with IPinfo’s data and API in another organization. From there, Dupaco’s CIO reviewed IPinfo and was confident in the security, data accuracy, and value.
Ultimately, they chose IPinfo’s data for these reasons:
Accurate data- Excellent API documentation which allowed effortless data integration
- Very responsive support team
- IPinfo's reputation and reliability
“As a financial institution, we're a target for all sorts of bad actors. Dupaco is cautious about adding 3rd party solutions into our existing environment. We must ensure all partners are security-focused and that their product will enrich the lives of our members. After reviewing IPinfo, we were confident in the security, data quality, and the value IPinfo provided for financial fraud prevention.”
Kevin Cray
Software Development Supervisor, Dupaco Community Credit UnionEmpowering members with geolocation and mobile carrier data
Geolocation data: Prevent fraud with better alerts
Dupaco uses IPinfo to pinpoint locations in every alert members receive. Fraudulent logins rarely, if ever, happen in the same location of the account holder. That’s why Dupaco added this preventative measure.
Now, whenever account-specific information changes - email, street address, account name, password - Dupaco communicates the geolocation where those changes occurred. As a result, members can quickly recognize suspicious logins and notify Dupaco’s member support team.
Mobile carrier data: Improve support and confidence for mobile users
Additionally, Dupaco uses mobile carrier data to improve support and confidence among members. For instance, when users call about not getting an alert notification, the support team can use mobile carrier data to see if other Dupaco members are reporting similar issues that might be related to carriers.
Dupaco also uses mobile carrier data to detect the most common carriers used by their members. By way of illustration, say 60 percent of members have Verizon and these users report delayed alerts. Dupaco can send an email notifying members that transaction alerts may be delayed for those using Verizon.
This can prevent undue distress among members if there's a carrier issue (i.e. if US Cellular members experience a delay and can’t immediately get a login code by text message). In other words, Dupaco uses Mobile Carrier data to give its members confidence and make sure users can always access their funds.
Suffice it to say, Dupaco uses Mobile Carrier data in many innovative ways to improve users’ experiences and member service.
Dupaco is preventing more fraudulent actions
Dupaco rolled out these new features in May 2022. Very soon after, they began receiving more member calls about suspicious account activity. By empowering their members with more information, they’ve been able to thwart countless fraudulent actions, such as stopping in-progress wire transfers before completion.
Dupaco decreased alert fatigue among its members and decreased fraud by using IP address data to improve account security.