Co-op intros 'Cooper' data-driven fraud fighting platform
Co-op Financial Services is unveiling "Cooper," an advanced data-driven platform designed to detect and fight fraud with greater speed and greater visibility to member activity and needs.
According to a press release, 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," Co-op President and CEO Todd Clark said in the release. "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."
Beginning this summer, Co-op will roll out Cooper Fraud Analyzer to Co-op Shared Branch clients. The risk management solution will provide added protection to identify and prevent potentially fraudulent transactions.
The company will subsequently launch Cooper Fraud Score, a machine-learning product that creates a risk-scoring model to determine 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.
"Understanding members and predicting patterns also enables more targeted communications and offers," Clark said. "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."