CO-OP Revelation advances card-fraud analysis

July 17, 2015

RANCHO CUCAMONGA, Calif., and FRANKLIN, Mass. (7/17/15)--CO-OP Financial Services announced an enhancement to its card analytics tool that can help credit unions mitigate card fraud.

CO-OP Revelation, powered by Saylent’s Card360, provides detailed analytics that credit unions can use to distinguish member purchasing patterns and behaviors, and identify at-risk cards and merchant points-of-compromise in their portfolio. The credit union can then implement appropriate mitigation steps.

“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, CO-OP president/CEO. “Enhanced fraud detection helps make sure that our clients stay ahead in what is a never-ending race against fraudsters.”

The new functionality provides 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 time span, region or other transaction characteristics. The results enable credit unions to accelerate their analysis and more quickly uncover other potentially compromised cards. It supports quick responses to data breaches and manages the risk and recovery process; and
  • 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, credit unions 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, Saylent president/CEO.