Co-op reduces fraud with automated detection system

New software helps bank slash losses related to card fraud by 70 per cent

New system allows CFS to detect fraud cases quicker

Co-operative Financial Services (CFS) has implemented an automated fraud detection system that has helped reduce unrecoverable card fraud losses by 70 per cent.

According to reports, CFS now makes approximately 12,000 such calls a month, the majority of which are new calls that fraud analysts were unable to make before the implementation of the software.

By detecting fraud cases quicker and allowing call centre staff to concentrate on high-risk calls, the bank said that loss per case has fallen by 50 per cent after the system rollout.

The hosted application provided by Adeptra is reported to have avoided integration and testing issues, while disruption to CFS' existing business was minimum. Costs were also reduced as the bank could maintain a small project support team.