COOPER Pilot Marks Major Milestone for Future of CO-OP

COOPER Fraud Analyzer is now live and in production for five pilot credit union clients! Over the next 90 days, COOPER Fraud Analyzer will scrutinize the Shared Branch transactions of these credit unions to provide real-time fraud monitoring. And later this year, COOPER will begin analyzing your credit union’s Shared Branch transactions to help fight fraud.

Fighting the Cost of Fraud
According to a recent study by LexisNexis Risk Solutions, a dollar of fraud costs credit unions $2.67 in chargebacks, fees, interest and labor. It’s a never-ending battle: as financial institutions become better at fighting fraud, fraudsters get more sophisticated. We need to constantly stay on top of these ever-evolving attacks, react swiftly, and adjust our own tactics, too.

That’s the value of COOPER Fraud Analyzer. 
Once the system comes on line later this year, each account-based Shared Branch transaction will be checked against fraud-detection rules as it flows through the system. Suspicious items are instantly flagged for review and forwarded to the issuer for immediate action. As COOPER gains data, the system becomes more adept at spotting irregular transactions, and builds a stronger line of defense to ward off future attacks.  

With COOPER, our network is strengthened and more secure. Ultimately, it will help lower the cost of fraud for all credit unions in the Shared Branch network. No matter the size of your institution, you’re bound to benefit as more fraudulent incidents are detected faster than ever before. And to your members, who look to you to safeguard their accounts, the added security is priceless.

To get ready for COOPER Fraud Analyzer, please make sure we have contact information for the individuals at your credit union who will help verify questionable transactions triggered by COOPER Fraud Analyzer. Complete the Fraud Contact Form HERE if you haven't done so already so your credit is ready to go when COOPER comes online for the entire Shared Branch network.

Also, check out the COOPER Fraud Analyzer Report Training Reference Guide and learn about when the report will be made available, how you can access the report and what you need to do when you receive the report.

More information to come on COOPER Fraud Analyzer as we get closer to the roll-out date!

Pricing Study Underway
As we prepare for general availability of COOPER, CO-OP is conducting a channel market pricing study, working with the advisors group from Cornerstone to examine feedback from participating credit unions, Task Force members and state partners. Pricing will be aligned with the broader Shared Branch pricing structure, with the goal of ensuring COOPER is affordable and fair for all network participants. CO-OP will continue to report on their progress as they move closer to launch.

in CO-OP Financial Services