In my thirty years of forming credit union collaborations, I have come to see common lessons, especially in multiply owned CUSOs providing one or more back office operational services. I examine twelve of those lessons in these types of CUSOs. (more…)
Save the date for NACUSO’s 2019 NACUSO Network Conference! Details will be available soon on our conference website at https://www.nacusonetwork.com to book hotel and for more information.
In the toughest competition to date, CU RateReset CEO Keith Kelly once again knocks it out of the park with his 7 minute presentation at the Next Big Idea Competition last week at the NACUSO Network Conference at the Disneyland Hotel.
Two years ago Keith won the competition with CU RateReset. This year he entered with Knocknock, a disruptive digital solution that provides bilateral interaction between the credit union and the member to deliver “just in time offers” based on real time triggers.
CUSO uses Linked Analysis to contribute to $200 million in annual fraud thwarted
PSCU, the nation’s premier payments CUSO, now has another weapon to help it predict and defend against fraud: Linked Analysis enables PSCU to look at the connection between accounts in an effort to identify fraud before it occurs. The company has seen an exponential month-to-month increase in fraud blocked since it launched Linked Analysis in April.
Linked Analysis uses cross-network analytics to create a 360° view of a member, enabling PSCU to link events across different platforms, individuals across different institutions, merchants across any card, and all of these points to each other. Using these connections, data scientists at PSCU then utilize research and machine learning to proactively take action.
“The most recent addition to our integrated suite of fraud offerings, Linked Analysis allows us to provide comprehensive, integrated fraud protection across channels, rapidly identifying linkages, compromises, breaches and common points of purchase,” said Jack Lynch, Chief Risk Officer at PSCU. “By using shared intelligence to predict and defend against fraud, we are enabling a greater member experience for our Owners.”
Data-Driven Fraud Mitigation Tool to be Introduced as Security Benefit of CO-OP Shared Branching
CO-OP Financial Services has launched COOPER Fraud Analyzer, its advanced data-driven fraud mitigation tool, into pilot testing with four participating credit unions in the CO-OP Shared Branch network.
“It is CO-OP’s job to make sure that our clients have access to the best technology to combat fraud and protect their members,” said Todd Clark, President/CEO of CO-OP. “We believe the most effective answer lies in developing a machine learning and artificial intelligence solution that we can bring to our credit unions at scale. The launch of COOPER Fraud Analyzer into client testing marks a major milestone in the evolution of CO-OP as a financial technology provider, and it is particularly significant in that we are first providing this tool to one of the industry’s most valuable assets, the CO-OP Shared Branch network.”