Machine learning (Image: Shutterstock).
CO-OP Financial Services bolstered its fraud prevention capabilities with a tool that recognizes suspicious transactions throughout the network, allowing issuer credit unions to analyze activity and verify it with the member.
Rancho Cucamonga, Calif.-based CO-OP's new COOPER Fraud Analyzer, which is accessible as part of its Shared Branch services, utilizes rules, decisioning and reporting to identify suspicious transactions. For each item, COOPER “learns” the transaction details fed into the database, adding another layer of intelligence to the system. It is accessible as part of CO-OP's Shared Branch services.
“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,” Todd Clark, president/CEO of CO-OP said. “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.”
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,” Justin Davis fraud and BSA manager for the $8.5 billion Marlborough, Mass.-based Digital FCU, said. “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 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 further intends to leverage COOPER for predicting patterns for greater member engagement and targeting to anticipate member needs.
A year ago, CO-OP Financial Services' announced security and other upgrades to Springboard its proprietary credit card servicing application, which enables credit union staff access to member real-time card data.
The CO-OP Shared Branch network, which enables members of participating credit unions to enter any branch and conduct their business as if they were in their own home branch, comprises more than 1,800 participating credit unions and 5,700 locations nationwide, making it the second largest system of financial services branches in the U.S.
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Roy Urrico
Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).
