Comments for CO-OP Financial Services Blog: Insight Vault

Comment on Jumping on the Real Time Fraud Prevention Bandwagon by mercadee

mercadee — Sat, 10 Dec 2011 01:09:52 +0000

FirstLight Federal Credit Union uses a third party vendor to monitor for possible fraud using the Falcon Fraud Detection System. Falcon uses the most advanced neural network technology to examine real-time, incoming credit and signature debit authorizations for potential fraud. Using transaction, payment and other variables, in addition to “learned” individual cardholder behavior patterns, Falcon analyzes each authorization to determine the likelihood of fraudulent activity.

Comment on Jumping on the Real Time Fraud Prevention Bandwagon by Terri Mickelsen

Terri Mickelsen — Wed, 29 Jun 2011 16:33:16 +0000

Real time Falcon was one of the best investments we have ever made. Since implementing this service back in February of 2010 it has prevented ten of thousands of dollars in fraud losses for our members. From the time we implemented the product we saw immediate results.

You will also find that the Real Time Falcon group is easy to work with and can make quick changes to your RealTtime Falcon rules depending on the type of fraud is currently happening in your area.

First Financial Credit Union – NM

Comment on Storming into the Future: New Orleans Firemen’s Federal Credit Union by Monex

Monex — Mon, 27 Dec 2010 11:18:29 +0000

..According to Crouchet the Telecom Recovery system was very simple to implement and use and turned out to be exactly what we needed. Roxanne Wilkinson NOFFCU s IT Director concurs it was very easy to setup from a technology perspective. The credit union uses ATT for their telecommunications needs and the LoanLink Center which is a credit union system-owned lending call center for assistance with overflow and afterhours calls.

Comment on Do the Math – Then Help Defeat the Durbin Interchange Amendment by Caroline Lane

Caroline Lane — Sat, 05 Jun 2010 00:41:38 +0000

Well said, Shirley. We at CO-OP are amazed at the misconceptions that exist within the minds of those who are writing legislation on this topic. Today, we got a chance to set the record straight, if only just a little. A few of us within CO-OP’s senior management team spoke to a very knowledgeable fellow from the U.S. Treasury Department who was searching for the winners and losers in this interchange value chain.

Several times during the conversation, we reminded this gentleman that interchange is an exchange of funds from the merchant to the issuer, but he kept circling back to a need for “transparency” to the consumer. He even went so far as to say that if this amendment passes, consumers would be able to shop for the cheapest card. Of course, we were quick to dispute that point, explaining that the consumer will definitely NOT be the winner. On that point, he acquiesced, saying that he agrees that consumer’s checking account fees will go up if the Durbin amendment passes.

It was a small victory, but at least the questions are being asked.

Thank you for taking the time to write.

Comment on Credit Union Opportunities in 2010 by Financial SpreadBetting

Financial SpreadBetting — Tue, 01 Jun 2010 05:51:27 +0000

Think there are lots of opportunities for credit uniions as people feel less and less confident with the banks.

Comment on Cardholder Usage Analytics: Knowing Matters by Donna Denley, NRM

Donna Denley, NRM — Tue, 11 May 2010 12:53:21 +0000

So many credit unions think CO-OP Revelation is scary and that it will take a lot of time and effort to learn how to use it. It’s a great product and extremely user friendly. Just take a few minutes to try it out. You’ll see that you can get some exciting information very quickly. After that — you’ll be hooked.

Comment on Little Known Court Case, Potential Big Impact on CUs and Their Members by Donna Denley

Donna Denley — Fri, 02 Apr 2010 16:56:46 +0000

Expense of re-designing ATM cash cassettes and all cash handling components of the ATM — could be a good time to look into leasing new ATMs instead of retrofitting old ones.

Comment on How a Credit Union Can Analyze ROI for New Technologies by SimplifiedTaxes

SimplifiedTaxes — Sat, 20 Mar 2010 09:09:54 +0000

Thanks for sharing this with us. A lot of people are very impulsive in buying new stuff/gadgets without thinking if this is what they really need and if they really can afford to settle the amount for this new investment. Credit unions should not only attract new members but make sure how to retain old members as new members can be as valuable as the old members.

Comment on How a Credit Union Can Analyze ROI for New Technologies by Kristin Witzenburg

Kristin Witzenburg — Tue, 09 Mar 2010 05:38:30 +0000

This is a great check list for adding any new strategic initiative. So often we are tempted to rush a new enhancement out the door to keep up, only to be surprised by a huge setback, like finding out you picked a platform that’s not scalable. Even a giant like Facebook has made that mistake! I also like the focus on retaining clients. New customers are great, but existing clients are golden.

Comment on ‘Discovery Marketing’ Through Charitable Partnering by Samantha Smyth Paxson, VP Marketing CO-OP Financial Services

Samantha Smyth Paxson, VP Marketing CO-OP Financial Services — Mon, 22 Feb 2010 19:20:22 +0000

Clint,

It’s commendable to see that your members now know you as “DuGood”. You’ve done such an effective job of “doing good” for the community (a community that includes YOUR MEMBERS) that your brand now stands for more than being simply a fine financial instituation. That is truly an acheivement. It sounds like it was an organic and completely authentic process. This does so much to differentiate you from your bank competition and should help your credit union not only attract new members, but also enrich the relationship you have with your existing members. If there is anything you can share about how the “du good campaign” boosted business, it would be wonderful to learn. At the end of the day, it’s about being true to our character as a movement. DuPont Goodrich FCU is a shining example.