Scienaptic AI, a provider of AI-powered credit decisioning solutions, has been selected by CommunityWide Federal Credit Union to enhance its real-time fraud and anomaly detection capabilities. This collaboration aims to address challenges posed by identity theft and synthetic identity fraud within the credit union’s operations.
CommunityWide Federal Credit Union plans to integrate Scienaptic AI’s platform, specifically FraudShield, to establish a combined fraud detection and underwriting engine. This engine is designed to aggregate diverse data sources and apply advanced machine learning algorithms and anomaly detection techniques to identify fraudulent activities. According to Scienaptic AI, early fraud detection through its platform has yielded substantial reductions in fraud losses for its existing clients.
Andy Burggraf, President and CEO of CommunityWide Federal Credit Union, stated, “As fraud continues to evolve, particularly with identity and synthetic attacks, we required a solution capable of real-time action without compromising the member experience. Leveraging FraudShield by Scienaptic AI allows us to confidently approve legitimate members while proactively identifying fraud before it impacts our system. This represents a significant advancement in balancing security and service delivery.”
Eric Steinhoff, EVP, Client Impact at Scienaptic AI, commented on the partnership: “We are enabling CommunityWide Federal Credit Union to enhance its fraud resilience without hindering the member experience. FraudShield empowers credit unions to detect anomalies in real time, reduce friction, and confidently approve more members. This collaboration aligns with our mutual dedication to secure, inclusive, and efficient lending practices.”
Established in 2014, Scienaptic AI focuses on promoting financial inclusion through AI-driven credit decisioning. Its platform incorporates technological innovations over a decade, integrating various data points into decision-making processes, utilizing sophisticated machine learning, and implementing rigorous risk and fair lending monitoring. This approach enables financial institutions to broaden access to credit for a wider range of borrowers, including underbanked and underserved individuals, while managing risk.
In September 2024, Scienaptic AI’s Credit Union Service Organization (CUSO) received strategic equity investments from its clients, reinforcing its objective to advance lending through AI-powered solutions for inclusive loan growth, automation, lifecycle management, and compliance. The CUSO is supported by 10 strategic investors. Scienaptic AI’s platform supports over 150 lenders, collectively overseeing $3.9 trillion in assets, processing more than 3 million credit decisions monthly, and evaluating loan applications exceeding $3 billion in value. The company reports that this facilitates access to credit for over 1.3 million underserved individuals each month. Driven by increasing demand for AI in lending, Scienaptic AI has reported growth exceeding 2,000% over the last three years.
