PLACE 1 wafer on bottom of each of 12 paper-lined muffin cups; set aside. Beat cream cheese and sugar in large bowl with electric mixer on medium speed until well blended. Add whipped topping; mix well. Spoon evenly into muffin cups.
COVER; refrigerate 3 hours or overnight. Sprinkle with coconut just before serving. Store leftover cheesecakes in refrigerator.