RANCHO CUCAMONGA, Calif. — CO-OP Financial Services, the parent CUSO for the CO-OP Network of surcharge free ATMs, has added the ability for the Falcon fraud prevention system to decide whether or not to approve transactions in real time.
Falcon uses neural network technology to evaluate and score different card transactions. Previously, such scoring and detecting of possible card fraud happened after the transaction was approved, but real time decisioning allows Falcon to detect possible fraud and recommend action before the transaction is approved.
Michael Ver Schuur, Executive VP of United Heritage Credit Union, said he was very pleased with Falcon real-time decisioning, particularly with its ease of implementation and overall performance based on fraud prevented at his credit union. "Falcon real-time decisioning exceeded our expectations," said Ver Schuur. "It saves us time and money by preventing the riskiest fraudulent spending before authorization was completed. The product has already paid for itself."
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"Falcon real-time decisioning is another leading industry best practice that CO-OP offers in order to enhance efficiencies in protecting credit union member accounts," said Stan Hollen, CEO of CO-OP Financial Services. "Also, by having one of the few fraud in-house call centers, CO-OP helps credit unions greatly increase their chances of quickly detecting fraud, thus causing less impact to cardholder accounts."
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