Central 1, the backbone of cooperative banking in Canada, manages billions in daily transactions for 295 financial institutions serving over 5 million Canadians. To combat rising payment fraud and prepare for evolving payment landscapes, they implemented Featurespace’s ARIC Risk Hub as their Enterprise Fraud Management solution.
This integration enables real-time fraud detection across their payment ecosystem, seamlessly connecting with third-party applications to reduce manual processes.
The system has proven highly effective, with clients reporting significant fraud prevention success and improved operational efficiency through intelligent automation.
As a collaborative force in Canadian banking, Central 1 continues to empower credit unions, financial institutions, and fintechs with the scale, infrastructure, and expertise needed for secure, innovative banking solutions.
In 2021, Central 1 faced a growing challenge as payment fraud escalated across its client network, affecting various transaction types. Despite existing safeguards, it became clear that a more comprehensive and advanced approach to fraud prevention was essential.
Collaborating with top clients and exploring cutting-edge technologies, Central 1 identified several critical requirements for enhancing its fraud prevention capabilities:
Central 1’s integration of Featurespace’s ARIC Risk Hub has transformed their Enterprise Fraud Management system, delivering real-time fraud detection across their payment network. The solution manages fraud policies for over 200 financial institutions, providing instant alerts, automated payment holds, and comprehensive reporting.
A Central 1 client stated performance exceeded expectations, with a 15% reduction in alert volume and 75% decrease in online banking fraud losses when combined with other controls. The system continues to expand, with plans to cover additional payment types including e-Transfers, Wires, Cheques, Bill Payments, and Automated Funds Transfers, positioning Central 1 as a leader in Canadian financial security.
