News

CU analytics tool adds fraud detection features

A new module available for Co-op Revolution helps credit unions pinpoint compromised cards and merchants more quickly and mitigate the effects of fraud.

July 20, 2015

Co-op Financial Services, a provider of technologies for credit unions, has added new functionality to its Co-op Revelation analytics solution powered by Saylent's Card360.

According to a press release, the product now includes analytics features that allow credit unions to distinguish member purchasing patterns and behaviors, identify at-risk cards and merchant points of compromise, and implement appropriate fraud mitigation steps.

"We wanted to bolster the fraud detection functionality in Co-op Revelation to ensure that credit unions could rapidly identify possible fraudulent activity related to card-based payments and reduce the negative impact," said Tyson Nargassans, president and CEO of Saylent.

The new functionality provides credit unions with two types of analyses:

• breached merchant analysisallows CUs to focus on a particular period, region or other transaction characteristics, accelerating analysis and identification of other potentially compromised cards; and
• compromised card analysisallows CUs to evaluate transactions performed by compromised cards in order to find shared purchasing patterns and a common point of compromise. 

"Enhanced fraud detection helps make sure that our clients stay ahead in what is a never-ending race against fraudsters," said Co-op President and CEO Stan Hollen."

The new feature is available immediately to Co-op Revelation Level 3 users, as well as Level 2 users who opt for the fraud forensics module.