CO-OP Financial Services introduces COOPER: Advanced new data-driven “brain” designed to detect and fight fraud
Foundational step to advanced machine learning and artificial intelligence exclusively to help credit unions improve security and increase member engagement
RANCHO CUCAMONGA, CA (May 9, 2018) — CO-OP Financial Services is unveiling COOPER, an advanced data-driven platform designed to detect and fight fraud faster than ever before, bringing more visibility to member activity and needs. COOPER is CO-OP’s largest technology initiative, in which the company is investing millions of dollars to provide state-of-the-art machine learning and artificial intelligence to its client credit unions across the CO-OP ecosystem.
“COOPER is a major piece in our strategy to bring greater security throughout our products and services, while providing the most seamless experience to credit union members,” said Todd Clark, President/CEO for CO-OP. “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.”
Positioned behind the scenes as the data-driven “brain” inside of CO-OP, COOPER will be used by the company exclusively on behalf of its client credit unions. Data will be harnessed to incorporate machine learning and eventually AI to better mitigate fraud and enable greater member engagement.
Beginning this summer, CO-OP will roll out COOPER Fraud Analyzer, an account-based risk management solution for CO-OP Shared Branch clients that will provide added protection to identify and prevent potentially fraudulent transactions.
The company will subsequently launch COOPER Fraud Score, using machine learning to create a risk-scoring model that determines the level of suspicion for a transaction. 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.
“Understanding members and predicting patterns also enables more targeted communications and offers,” said Clark. “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.”
Machine learning can reduce manual review of queues, easily adapt to new business lines, reduce false positives and increase precision. CO-OP’S advanced fraud products, including COOPER, card controls and credit line risk tools, are designed to adhere to customized fraud tolerance levels by individual clients.
For more information on COOPER, including an introductory video, 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.