Charter Oak Federal Credit Union Selects Aithent Fraud Manager
Moves from Paper‐based Method to Web‐based Solution; Experiences Immediate Improvement in Financial Crime Case Management
New York (March 8, 2010): Aithent™ Inc. a creator of high‐value solutions for the information management needs of financial services, government, health care, and insurance organizations, today announced Charter Oak Federal Credit Union (https://charteroak.org/) has selected Aithent Fraud Manager™, a Web‐based solution for financial crime investigations.
Charter Oak FCU, which has been serving the southeast region of Connecticut for 70 years, chose Aithent Fraud Manager after a review of several case management options. According to Joseph Childress, Charter Oak’s vice president of operations, “Moving to a new method means little if the people who should use it can’t or won’t. More than a very quick deployment of this hosted solution and more than meeting our strategic needs, Aithent Fraud Manager is easy to use and navigate; our investigators and their managers quickly embraced it.”
The credit union had been using paper files and an internally devised spreadsheet. Producing reliable reports using this method was more a matter of chance than anything else. As Charter Oak has been experiencing growth in several areas, the need for a more formal case management solution was compelling.
“The moment we started using Aithent Fraud Manager, creating case reports got easier and were measurably more accurate. Being Web‐based means we can access cases from anywhere we have online access, a real productivity boost. And, we can all see what is going on in a case without pulling out a file, or asking another person,” Childress said.
Aithent Fraud Manager goes beyond automating the case management of financial crimes. It allows financial institutions to track activity across multiple types of fraud activity, including bad checks, credit/debit card fraud, bogus loan applications, wire fraud, and money laundering using the single Aithent solution. By being a comprehensive case management solution, Aithent Fraud Manager lets organizations proactively identify patterns and avoid improper payment of funds.
“Charter Oak’s members live, work and run businesses in smaller cities, towns, and villages. Despite their being in a picturesque section of New England, a state‐of‐the‐art financial crime case management solution is as necessary here as it is in a major urban area,” said N. Venu Gopal, Aithent’s CEO. The threat of fraud is ubiquitous, making a hosted solution like Aithent Fraud Manager a requirement for all sizes and types of financial institutions.”
About Charter Oak FCU
Founded in 1939 as the Groton Shipbuilders’ Federal Credit Union, Charter Oak Federal Credit Union has deep roots in Southeastern CT. First run by an employee of Electric Boat, most of our Credit Union’s initial business was done out of a lunchbox. Since those early days, Charter Oak is one of the region’s strongest financial institutions with more than 80,000 members and ten branches located throughout New London and Windham counties.
About Aithent Fraud Manager
Aithent Fraud Manager, a comprehensive case management solution for financial crime investigations, is a proven efficient solution that expedites the investigative process and helps to prevent additional loss of revenues from the outset. It is one of a range of versatile, effective workflow approaches for automated management of financial crime investigations as well as constituent/customer/employee issues and complaints processing. Regardless of the situation, an Aithent Case Management™ solution is easy to learn and use, integrates with multiple sources of information automatically, manages and tracks all case management activity in one place, securely stores and controls access to information and provides reports for management and regulatory agencies, as required.
Aithent creates high‐value solutions for the information management needs of financial services, government, health care organizations and insurance organizations around the globe. Since 1991, Aithent has built an enviable record of innovation to help advance operational efficiency and performance by developing and applying technology in uniquely effective ways.
Clients who’ve benefited from Aithent’s innovation include the States of Arkansas, Delaware, Maryland, New York and Washington, AIG, AXA Financial, Prudential, Willis, JP Morgan Chase, CIBC, RBC Dexia, TD Bank, GIS, Metastorm and Velos.
Aithent also develops and enhances mobile and secure Web‐based business applications while utilizing the most stringent quality assurance processes. In addition, Aithent designs and manages a wide range of technology transition and transformation projects for companies and organizations of all sizes.
With headquarters in New York, Aithent has technology centers in Canada and India, and sales and support offices in Boston and Seattle. For more information, please call +1 212.725.7646.