"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."
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:
"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.
For more information on CO-OP Revelation, visit /solutions/card-payments/debit/analytics-and-rewards/co-op-revelation.
About CO-OP Financial Services
Based in Rancho Cucamonga, Calif., and founded in 1981, 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. With a motto of "Be There. Be More," CO-OP's products fall into three business lines, including "Locations," (ATM, shared branching and call center services); "Card Payments" (debit and credit processing) and "Mobile/Virtual" (mobile, online, check imaging, bill pay services). To learn more visit www.co-opfs.org.
Franklin, Mass.-based Saylent, named to Deloitte's Technology Fast 500 list in 2014 and a three-time Inc. 5000 Fastest Growing Private Company (2012, 2013 and 2014), provides financial institutions with data analytics software and services that improve profitability and product innovation by delivering smarter, deeper, actionable insights on the financial behaviors of consumers and businesses. With Saylent's solutions - Card360, which provides payments intelligence for card issuers; and Account360, a cloud-based relationship product and pricing platform - financial institutions are empowered to drive new revenue streams and increase loyalty by delivering programs and solutions that their customers and members desire. To learn more visit www.saylent.com.