CO-OP Financial Services has beefed-up CO-OP Revelation advanced analytics solution powered by Saylent’s Card360.
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.
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. This allows them 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. They can quickly respond to the breach and effectively manage the risk and recovery process.
• Compromised Card Analysis, which streamlines 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. Once they’ve identified the breached merchant, they can rapidly reveal other at-risk cards in their portfolio and take the necessary mitigation steps.
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 Financial Services is the nation’s largest credit union service organization in terms of number of credit unions, assets and members. The company helps credit unions thrive by providing products and services that make it more convenient for members to do business with them.
For data, background and forecasts on CO-OP Financial Services: Search CardWeb.com’s CardFlash® Library of more than 58,000 archived articles; Access CardWeb.com’s CardData® for current and historical Performance, Portfolios, Profiles, etc. Visit RAM Research® (ramresearch.com) for quarterly and annual forecasts covering more than 150 metrics. [complimentary or deeply discounted access to CardWeb.com subscribers].
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