Enhanced Fraud Detection Capabilities Added to Revelation by CO-OP Analytics Solution

CO-OP Financial Services, a financial technology provider to credit unions, today announced a significant enhancement to Revelation by CO-OP, CO-OP’s advanced analytics solution powered by Saylent’s Card360™.

“Using Revelation by CO-OP, 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.”

Revelation by CO-OP 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, Revelation by CO-OP’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. 

“We wanted to bolster the fraud detection functionality in Revelation by CO-OP 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 Revelation by CO-OP Level 3 users, as well as Level 2 users who opt for the fraud forensics module.

For more information on Revelation by CO-OP, visit http://co-opfs.org/solutions/card-payments/debit/analytics-and-rewards/co-op-revelation.

Strategic Link is the NWCUA’s wholly-owned service corporation, using the power of aggregation to provide the Association’s member credit unions with exclusive, high-quality, competitively-priced products and discounted services. Contact Director of Strategic Partnerships Craig Reed at creed@nwcua.org today to find out how Strategic Link can help your credit union save money while meeting its goals in 2015 and beyond.

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