Monday, May 7, 2018
According to the Identity Theft Resource Center, 1,579 data breaches were reported during 2017, a significant increase over the 1,093 reported in 2016. To address this critical challenge, Fiserv Inc. a provider of financial services technology solutions, and fraud analytics firm Rippleshot joined forces to create Card Risk Office Fraud Warning, which the partners describe as an early breach detection solution that allows financial institutions to identify potential fraud events 30 to 60 days before network alerts.
"Data breaches continue to occur with increasing frequency, yet it can take time for financial institutions to confirm the extent of the compromise, making it imperative to identify and stop fraud as soon as possible and prevent further exposure and losses," said Patrick Davie, vice president, product strategy, card services at Fiserv. "The most important innovations we bring our clients are intelligent security solutions that help safeguard their cardholders, and Fraud Warning will enable financial institutions to minimize the negative impacts and resulting revenue loss associated with card fraud, while maximizing the cardholder experience."
With Card Risk Office Fraud Warning from Fiserv, financial institutions will have access to information to help detect card-related fraud more quickly, as well as gain visibility to data about localized events networks may not have previously investigated, Fiserv noted, adding that it will use this data, derived from machine learning, to inform and strengthen risk mitigation strategies, and will make the solution available to more than 2,400 clients of Card Risk Office, nearly 400 of which use a non-Fiserv core processing platform.
Rippleshot co-founder Cahn Tran added, "Card fraud is a complex and ever-changing problem that demands a collaborative and proactive approach to tackle it effectively, so that cardholders can feel secure about the financial information they are using, storing or transacting with. We are excited to partner with Fiserv, a fintech leader that shares our passion and expertise when it comes to fraud-fighting technologies."
The companies also stated that with data gleaned from Fraud Warning, financial institutions can build and strengthen their proactive card fraud mitigation strategies, streamline costly card reissues after breaches, reduce payment friction, augment existing risk rules and fraud mitigation strategies, and reduce losses by an average of 10 percent. A risk score applied to each card indicates trends and the likelihood of fraud related to that individual card, they added.
The Green Sheet Inc. is now a proud affiliate of Bankcard Life, a premier community that provides industry-leading training and resources for payment professionals. Click here for more information.
Notice to readers: These are archived articles. Contact names or information may be out of date. We regret any inconvenience.