RANCHO CUCAMONGA, Calif./FRANKLIN, Mass.—CO-OP Financial Services has enhanced its advanced analytics solution, CO-OP Revelation, to make it easier for CUs to identify and minimized card fraud.
CO-OP Revelation now features functionality that provides detailed analytics that allow credit unions to distinguish member purchasing patterns and behaviors, identify at-risk cards and merchant points-of-compromise in their portfolio, and then implement appropriate fraud mitigation steps. CO-OP Revelation is powered by Saylent’s Card360.
“Using CO-OP Revelation, credit unions have the robust analytics tool they need for sophisticated data analysis to help manage their card programs and engage their members,” said Stan Hollen, president/CEO of CO-OP. “Enhanced fraud detection helps make sure that our clients stay ahead in what is a never-ending race against fraudsters.”
With the rapid growth in merchant data breaches, CO-OP Revelation’s enhanced fraud detection capabilities enable credit unions to discover potential card-based fraud sooner, the company stated, adding this allows CUs to “rapidly begin mitigation efforts and minimize the potential impact both to members and to the institutions.”
The new functionality provides credit unions with two types of analyses:
- Breached Merchant Analysis, which simplifies credit unions’ ability to identify at-risk cards in their portfolio based on a known merchant breach. “The analysis enables them to easily focus on a particular period, region or other characteristics of the transactions. The resulting details enable organizations to accelerate the analysis process and quickly uncover other potentially compromised cards,” CO-OP explained. “They can quickly respond to the breach and effectively manage the risk and recovery process.”
- Compromised Card Analysis, whichstreamlines the process for identifying cards in credit unions’ portfolios that could be compromised by leveraging cards that they’ve already determined to be compromised. “Using the analysis, credit unions can evaluate the transactions performed by the compromised cards to find shared purchasing patterns and a common point of compromise,” CO-OP said. “Once they’ve identified the breached merchant, they can rapidly reveal other at-risk cards in their portfolio and take the necessary 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. “We look forward to continuing to work with CO-OP to provide the best possible card-focused analytics solution to their credit union clients to help them retain members and reinforce their satisfaction while also driving the business results the credit unions seek.”
The fraud enhancement is available immediately to CO-OP Revelation Level 3 users, as well as Level 2 users who opt for the fraud forensics module, CO-OP said.
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