News

Co-op integrates Cooper fraud analyzer into shared branch program

February 7, 2019

Co-op Financial Services has announced that Cooper Fraud Analyzer is now part of Co-op Shared Branch. Network transactions for credit unions participating in the shared branch program now interface with the account-based risk management solution.

According to a press release, Cooper Fraud Analyzer monitors all account-based transactions within the Co-op Shared Branch network: teller; Co-op Mobile; Sprig by Co-op; Shared Branch Express Kiosk and ATM; Co-op Contact Center; and remote deposit capture.

Cooper Fraud Analyzer uses rules, decisioning and reporting to identify suspicious transactions, enabling the issuing credit union to review the activity and verify it with the member. In each case, details of the transaction are fed back into the database to help Cooper "learn" from the experience, adding another layer of intelligence to the system.

"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," Co-op President and CEO Todd Clark said in the release. "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."

Co-op currently is developing Cooper Fraud Score for account- and card-based Co-op products. The program uses machine learning to create a risk-scoring model that determines the level of suspicion for a transaction.