Credit Unions

CO-OP Boosts Fraud Security To Credit Unions

fraud prevention data

CO-OP Financial Services said Tuesday (May 9) that it is releasing fraud-fighting tools for its client credit unions, a move that would beef up the role of artificial intelligence in helping those financial institutions become more secure.

The release of the products will come in two stages, according to a press release from CO-OP, an interbank union owned by credit unions, with more than 1,800 members.

Starting this summer, the financial services firm will roll out COOPER Fraud Analyzer, described in the press release as “an account-based risk management solution for CO-OP Shared Branch clients that will provide added protection to identify and prevent potentially fraudulent transactions.”

Next will come COOPER Fraud Score, a product which uses machine learning “to create a risk-scoring model that determines the level of suspicion for a transaction,” CO-OP explained. “This capability will be available on account-based products later this year and for card-based products in 2019, so that the power of machine learning will run across the entire CO-OP ecosystem, further integrating the user experience for clients and members.”

CO-OP Financial Services said it will use the data-driven “brain” of COOPER for the “exclusive” benefit of its credit union clients. Harnessed data and artificial intelligence will be combined to produce better anti-fraud capabilities, which, in turn, will boost member engagement, the company said in its press release.

“Understanding members and predicting patterns also enables more targeted communications and offers,” said Todd Clark, president and CEO of CO-OP Financial Services. “COOPER is being introduced as an enhancement to our fraud mitigation solutions, but it will be additionally leveraged later for greater member engagement and more precise targeting to anticipate member needs.”

COOPER is not the only recent financial services enhancement introduced by CO-OP. In April, the company added features to its ATM Terminal Driving solution that included new personalization capabilities and upgraded hardware and software support.

…………………..

You Might Also Like:

TRENDING RIGHT NOW

To Top