CO-OP Adds Fraud Score Tool to COOPER Platform

Source: Shutterstock.

CO-OP Financial Services announced the rollout of a new fraud-fighting tool Monday – COOPER Fraud Score, a credit union-focused, real-time payments fraud scoring tool and the latest addition to the AI-driven fraud mitigation platform COOPER, which CO-OP introduced in 2018.

The Rancho Cucamonga, Calif.-based payments CUSO said COOPER Fraud Score is designed accurately detect more fraud, helping credit unions react quickly to emerging trends and build more member confidence in their credit union-issued cards. It works by creating a risk score in real-time and applying it to a transaction authorization request, then delivering the score to a range of decisioning tools within CO-OP’s fraud prevention ecosystem. If a transaction is identified as potentially fraudulent, the credit union receives “reason codes” that explain why the solution assigned it the scores it did; the credit union can then choose to relay this information to members, helping them understand why a particular transaction was declined.