As credit unions seek better ways to use member data and fight fraud, CO-OP Financial Services has rolled out COOPER, an advanced data-driven fraud platform for member CUs.

Millions of dollars have been invested in the platform in order to provide state-of-the-art machine learning and artificial intelligence exclusively for credit unions, CO-OP said in a press release.

“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,” CO-OP President and CEO Todd Clark said in a statement. “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.”

Todd Clark, CO-OP Financial Services
Todd Clark, president and CEO of CO-OP Financial Services


The new initiative was announced during CO-OP’s 2018 THINK Conference, taking place this week in Chandler, Ariz. More of Credit Union Journal’s coverage of the event can be found here.

Starting this summer, CO-OP will roll out “COOPER Fraud Analyzer,” an account-based risk management product for CO-OP Shared Branch clients that will provide added protection to identify and prevent potentially fraudulent transactions.

The company will then launch “COOPER Fraud Score,” using machine learning to create a risk-scoring model that determines the level of suspicion for a transaction.

“Understanding members and predicting patterns also enables more targeted communications and offers,” added 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.”

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