CO-OP Financial introduces data-driven platform to fight fraud

Thursday 10 May 2018 00:15 CET | News

CO-OP Financial Services has released COOPER, an advanced data-driven platform designed to detect and fight fraud.

COOPER is CO-OP’s largest technology initiative, in which the payments and financial technology company is investing millions of dollars to provide machine learning and artificial intelligence solutions to its client credit unions across the CO-OP ecosystem, according to the company’s official press release. In addition, data will be harnessed to incorporate machine learning and eventually AI to better mitigate fraud and enable greater member engagement. 

Beginning with the 2018 summer, CO-OP will roll out COOPER Fraud Analyzer, an account-based risk management solution for CO-OP Shared Branch clients. The company will subsequently launch COOPER Fraud Score, using machine learning to create a risk-scoring model that determines the level of suspicion for a transaction. This capability will be available on account-based products later in 2018, and for card-based products in 2019.

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Keywords: CO-Op Financial Services, machine learning, artificial intelligence, AI, fraud prevention, COOPER, product launch, credit unions
Countries: World