Meet COOPER, an advanced data-driven platform designed to detect and fight fraud faster than ever before. CO-OP President and CEO Todd Clark introduced the new platform at the THINK 18 Conference in Arizona on May 9 “COOPER is a major piece of our strategy to bring greater security across our products and services, while providing the most seamless experience to the member,” Clark says. “The machine learning power of COOPER will allow us to constantly improve upon the fight against fraud by enabling the understanding of huge amounts of data and detecting complex patterns rapidly.”
In a recent Digital Banking Report survey, 81 percent of financial services professionals called AI and machine learning “extremely” or “very” important for reducing fraud and risk. An exponential increase in speed and computing power makes machine learning a true benefit in an increasingly digital payments environment.
According to CO-OP data scientist and Senior Vice President, Fraud Products Fotis Konstantinidis, credit unions are increasingly determined to put AI to work in the fight against fraud – and beyond. “This is one of the main reasons CO-OP has made machine learning for fraud a priority,” he says. “Credit unions need the ability to leverage this technology, and our capacity to integrate machine learning across card, account and call-center networks allows us to make the best use of its speed and computational power.”
Making Machine Learning and AI a Reality
For credit unions that hope to stay ahead of fraud and risk, understanding the value of machine learning isn’t the big challenge: Implementing it is. This is why CO-OP has invested its resources to develop COOPER in order to make machine learning and AI attainable for credit unions of all sizes.
“Because AI and machine learning are critical to providing members with both a seamless and a secure experience, these tools are timely for our industry,” says Konstantinidis. “Credit unions are ready to get started and, for many, working in partnership with CO-OP provides an opportunity to implement this technology faster.”