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MFFI Helps Credit Unions Fight Fraudulent Activity

Did you know that a Midwest Financial Fraud Investigators (MFFI) membership could save your credit union thousands of dollars? Formed by law enforcement and financial institution investigators, this group exchanges information regarding individuals engaged in criminal activity.

MFFI has been extremely successful in identifying fraud rings, suspects and criminals, and aiding in the prevention of fraud losses. Several St. Louis-area credit unions already belong to the group. Jennifer Parkinson, Security Officer for Vantage Credit Union, recommends its services and cites several occasions that MFFI has helped the credit union fight fraud.

“MFFI makes my life so much easier that I would pay a $200 annual fee out of my own pocket!” says Parkinson. “I have gotten invaluable information and saved Vantage thousands of dollars through either the email alerts sent out by other institutions or receiving real information on a shared customer from an MFFI contact.”

Thanks to an early alert, Parkinson was able to flag an account a money mule had opened. Within a few weeks, the individual attempted to deposit a $23,000 counterfeit check via the night drop.

In another instance, she was notified of an individual participating in a card flipping scam. Parkinson noticed that the individual had a loan through Vantage, and she determined that he had provided false tax returns to receive the loan—and he was attempting to cosign another loan using the same altered documents. This individual is no longer eligible for new services.  

“I have no issues verifying checks or seeking information about mutual customers whenever a situation arises when I have an MFFI contact. I don’t have to call through call centers and be transferred 10 times just to be told they cannot give me any information,” says Parkinson.

Additionally, members can pool their cases so that it’s easier to get charges filed against suspects. Law enforcement can make a more compelling case to the Prosecutor’s office when they can show the same suspect was responsible for multiple losses.

MFFI membership is only $25 annually. Just a few member benefits include:

  • Access to the Members-Only MFFI Group Portal located on the MIAC website. This interactive website provides photographs, a suspect gallery, crime trend analysis, a weekly bulletin and more.
  • Network with current members and regional investigators to identify criminal activity and who can connect you with their own nationwide investigative contacts.
  • Monthly meetings held at 9 a.m. on the third Tuesday of every month at the Creve Coeur Police Department.

Click here to register.