Since going live one year ago, COOPER Fraud Analyzer has monitored in real-time more than 113.6 million credit union member transactions, as the fraud-fighting tool from CO-OP Financial Services now protects 9.7 million accounts.
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 new 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.
Total data “ingested” into COOPER Fraud Analyzer’s database has reached 7.8 terabytes.
“CO-OP is the leader in maintaining the safety and security of member payments transactions,” said Todd Clark, President/CEO of CO-OP. “This is of absolute importance to us because payments are the best way to drive member engagement and credit union growth. Payments mean more moments in a member’s everyday life, and that means more revenue opportunities. Our Protect solution line, which includes COOPER Fraud Analyzer, ensures the trust of members by helping credit unions stay ahead of fraudsters and thus keeping their card top of wallet.”
COOPER Fraud Analyzer is part of CO-OP Shared Branch services, protecting transactions at 5,710 branch locations throughout the U.S. Later this year, COOPER Fraud Score will be unveiled, which will be integrated with existing CO-OP tools and provide a new transaction risk score. The risk score will be generated by machine learning, driven by data proprietary to CO-OP, and will utilize models developed by CO-OP staff.
For CO-OP Financial Services as a whole, all payments transactions processed by the company totaled 7.6 billion in 2019, a new annual record for CO-OP, and the highest total of any processor in the credit union movement. Payments processed by CO-OP included credit, debit, electronic funds transfer and shared branch transactions.
“A key differentiator in CO-OP’s approach to fraud-mitigation is to see to it that members have both a secure and a seamless experience when they use their credit union-issued means of payment,” said Clark. “Our Protect solutions are designed to maximize a positive user experience and security, and keep to a minimum false-positive, declined transactions.”
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.
