How CULedger protects credit unions against fraud with Hyperledger Indy
Customer Company Size
Large Corporate
Region
- America
Country
- United States
Product
- MemberPass
- Hyperledger Indy
- Digital Trust Registry
Tech Stack
- Blockchain
- Distributed Ledger Technology
- Decentralized Identity Solution
Implementation Scale
- Enterprise-wide Deployment
Impact Metrics
- Cost Savings
- Productivity Improvements
- Customer Satisfaction
Technology Category
- Application Infrastructure & Middleware - Blockchain
- Cybersecurity & Privacy - Identity & Authentication Management
Applicable Industries
- Finance & Insurance
Applicable Functions
- Business Operation
Use Cases
- Fraud Detection
- Regulatory Compliance Monitoring
Services
- System Integration
- Software Design & Engineering Services
About The Customer
CULedger is a credit union service organization (CUSO) that was formed by a consortium of credit unions in 2016. The organization was created in response to the increasing threat of fraud, particularly in the call center channel. CULedger is committed to putting the needs and interests of their members first and foremost, and is concerned about the privacy of their members' personal identifiable information. The consortium launched a research-to-action project to find a more secure anti-fraud solution for its members, coincidentally around the same time the hype around blockchain and cryptocurrency was steadily increasing.
The Challenge
Credit unions are increasingly being targeted by fraudsters, particularly through the call center channel. Traditional knowledge-based authentication questions have become vulnerable, leading to a rise in account takeover attacks. The process of member identity authentication across various touch points, including the call center, drive-up, and lobby, is fragmented and time-consuming, creating easy targets for fraudsters and causing frustration for consumers. The challenge was to find a more secure anti-fraud solution that could streamline the authentication process, reduce operational costs, and improve the member experience.
The Solution
CULedger implemented a decentralized identity solution leveraging Hyperledger Indy, a distributed ledger software project. This led to the creation of MemberPass, a digital identity credential held by credit union members that protects credit unions and their members from identity theft and fraud in all financial interactions. MemberPass offers a permanent and portable digital identity that reduces member friction and injects more trust in digital interactions within credit unions. The solution streamlines the initial member identity authentication process across various touch points, reducing the process from up to five minutes to 15 seconds or less. MemberPass also boasts a two-way encrypted communication capability, allowing members to verify the identity of credit union employees.
Operational Impact
Quantitative Benefit
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