Essential Resources and Best Practices for Shared Cooperative Services Participants

In today’s financial landscape, credit unions face an ever-growing need to implement proactive fraud prevention measures. Shared Cooperative Services participants can safeguard their operations by utilizing key fraud resources and following best practices to mitigate risks.

One critical step is registering for CO-OP Shared Branch fraud alerts, a valuable tool that provides timely, confirmed fraud information reported by participating credit unions. You can register for fraud alerts here to stay informed and respond swiftly.

COOPER Fraud Analyzer Reports are another essential resource. These reports provide real-time fraud insights, allowing credit unions to take quick action. It is vital to review COOPER Fraud Analyzer Reports immediately upon receipt and ensure the designated fraud contacts respond to any fraud activity within the same day.

For additional information or assistance, contact CO-OP Fraud Prevention and Risk Team at accountfrauddetection@coop.org or call 888-821-6323.

Key Best Practices for Issuing and Acquiring Credit Unions:

• Identify a dedicated fraud mitigation team within the credit union to manage CO-OP Shared Branch fraud alerts, review reports, and communicate any incidents to the CO-OP Fraud Prevention & Risk team.
• Respond to fraud investigation requests within five business days to facilitate swift resolutions.
• Regularly verify and adjust your credit union’s risk tolerance settings in the COOPER Fraud Analyzer.
• Establish and enforce cash withdrawal limits to mitigate exposure to fraud. Special attention should be given to high-balance accounts or accounts with little shared branching activity.
• Credit unions should avoid using the Reverse Look-up option, as it is no longer valid for shared branching transactions and can result in liability for fraud.
• Use additional security measures when handling out-of-state IDs or large cash withdrawals, such as black-lighting IDs and consulting the ID Checking Guide.

By adopting these best practices and leveraging CO-OP’s fraud prevention tools, credit unions can significantly reduce their exposure to fraud and ensure the protection of their members.

For additional support or to update contact information, please reach out to Laura Vann or Laura Heard at Shared Cooperative Services. Visit www.sharedcooperativeservices.com for further details on resources and support.