RANCHO CUCAMONGA, California – 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.”
During the testing period, shared branch account-based transactions will automatically flow through COOPER Fraud Analyzer from the pilot credit unions. The CO-OP team is monitoring the activity generated through COOPER, listening to feedback from the credit unions and paying close attention to the client experience journey. This will help ensure the seamless rollout of COOPER Fraud Analyzer across the entire CO-OP Shared Branch network before the end of the year.
Following completion of pilot testing, CO-OP will make COOPER Fraud Analyzer available to the more than 1,800 participating credit unions of CO-OP Shared Branch as a security benefit built into the network. The CO-OP network comprises more than 5,700 locations nationwide, making it the second largest system of financial services branches in the U.S.
COOPER Fraud Analyzer, first announced by CO-OP at the THINK 18 conference in May, is an account-based risk management solution that uses rules and decisioning to instantly identify fraudulent transactions.
COOPER Fraud Analyzer looks for common fraud scenarios in the account-based environment, such as new account fraud, in-branch teller fraud and fraudulent check deposits. The system evaluates data like transaction type, amount and speed. By quickly identifying questionable activity and reporting it to credit unions, COOPER Fraud Analyzer helps protect account holders and build member trust in their credit union.
Following the general availability of COOPER Fraud Analyzer, CO-OP will be introducing COOPER Fraud Score, using machine learning to create a risk-scoring model that determines the level of suspicion for a transaction. This capability will be available on account-based and card-based CO-OP products in 2019.
Ultimately, COOPER technology will be leveraged for understanding members and predicting patterns for greater member engagement and more precise targeting to anticipate member needs.
For more information on COOPER Fraud Analyzer, 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.
