RANCHO CUCAMONGA, Calif. – CO-OP Financial Services announced its 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, in a statement. “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.”
According to CO-OP, 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, the company said.
What is Monitored
CO-OP added 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 and BSA manager for Digital FCU of Marlborough, Mass. “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 said it 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 also said it further intends to leverage COOPER for predicting patterns for greater member engagement and targeting to anticipate member needs.