COOPER Detects Complex Fraud Patterns, Arming Credit Unions and Members Against Fraudsters
CO-OP Financial Services announced that COOPER Fraud Analyzer is now part of CO-OP Shared Branch services to participating credit unions, with all network transactions flowing through the interface of this account-based risk management solution.
“COOPER Fraud Analyzer is an important first step in the development of our COOPER technology, a comprehensive, data-driven machine learning platform that understands the complex patterns of fraud and can help credit unions exceed the pace of fraudsters,” said Todd Clark, President/CEO of CO-OP. “CO-OP is building the best possible solution to give credit unions the means to compete with big banks. Our goal is to continually invest in COOPER to generate additional use cases and optimize machine learning to provide a seamless and secure experience for credit unions and their members.”
COOPER Fraud Analyzer uses rules, decisioning and reporting to identify suspicious transactions, enabling the issuer credit union to review the activity and verify with the member. With each case, the details of the transaction get fed back into the database so COOPER can “learn” from the experience, adding another layer of intelligence to the system – evolving as fast as the fraudulent activity it combats.
COOPER Fraud Analyzer monitors all account-based transactions within the CO-OP Shared Branch network, including teller, CO-OP Mobile, Sprig by CO-OP, Shared Branch Express Kiosk/ATM, CO-OP Contact Center and remote deposit capture.
“We are very excited for what COOPER can become as more credit unions get on board,” said Justin Davis, Fraud & BSA Manager for Digital FCU of Marlborough, Massachusetts (www.dcu.org). “AI solutions are only as successful as the data they have access to so as the network grows so will the alert performance.”
CO-OP is also developing COOPER Fraud Score for account- and card-based CO-OP products, using machine learning to create a risk-scoring model that determines the level of suspicion for a transaction. The company further intends to leverage COOPER for predicting patterns for greater member engagement and targeting to anticipate member needs.
The CO-OP Shared Branch network comprises more than 1,800 participating credit unions and 5,700 locations nationwide, making it the second largest system of financial services branches in the U.S. The network enables members of participating credit unions to enter any branch and conduct their business as if they were in their own home branch.
For more information, visit www.co-opfs.org/cooper.
About CO-OP Financial Services
CO-OP Financial Services is a payments and financial technology company whose mission is ensuring the success of the credit union movement. CO-OP payments solutions, engagement services and strategic counsel help credit unions optimize member experiences to consistently provide seamless, personalized multi-channel offerings, while delivering secure, sophisticated fraud mitigation service. For more information, visit www.co-opfs.org.