Fiserv first to market with solution to mitigate card fraud and data
exposure
BROOKFIELD, Wis.--(BUSINESS WIRE)--
Fiserv,
Inc. (NASDAQ: FISV), a leading global provider of financial services
technology solutions, announced today it has partnered with Rippleshot,
a fraud analytics firm, to offer Card Risk Office℠ Fraud Warning, an
early breach detection solution that allows financial institutions to
identify potential fraud events 30-60 days prior to network alerts.
The alliance positions Fiserv as the first financial technology company
in the card processing industry to bring this technology to market. 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 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.
"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, 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."
"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," said Cahn Tran, co-founder,
Rippleshot. "We are excited to partner with Fiserv, a fintech leader
that shares our passion and expertise when it comes to fraud-fighting
technologies."
A total of 1,579 data breaches were reported during 2017, a marked
increase from 1,093 the prior year, according to the Identity Theft
Resource Center. With the data gleaned from Fraud Warning, financial
institutions can build and strengthen their proactive card fraud
mitigation strategies. Fraud Warning also allows for the streamlining of
costly card reissues after breaches, reduces payment friction, augments
existing risk rules and fraud mitigation strategies, and reduces losses
by an average of 10 percent. Additionally, a risk score applied to each
card indicates trends and the likelihood of fraud related to that
individual card.
In a world moving faster than ever before, Fiserv helps clients deliver
solutions in step with the way people live and work today - financial
services at the speed of life. Learn more at fiserv.com.
Additional Resources:
About Fiserv
Fiserv, Inc. (NASDAQ: FISV) enables clients worldwide to create and
deliver financial services experiences in step with the way people live
and work today. For more than 30 years, Fiserv has been a trusted leader
in financial services technology, helping clients achieve best-in-class
results by driving quality and innovation in payments, processing
services, risk and compliance, customer and channel management, and
insights and optimization. Fiserv is a member of the FORTUNE®
500 and has been named among the FORTUNE Magazine World's Most Admired
Companies® for five consecutive years, recognized for
strength of business model and innovation leadership. For more
information, visit fiserv.com.
FISV-G
View source version on businesswire.com: https://www.businesswire.com/news/home/20180507005186/en/
Media Relations:
Cristy Williams
Sr. Director,
Corporate Communications
Fiserv, Inc.
678-375-3295
cristy.williams@fiserv.com
or
Additional
Contact:
Mark Jelfs
Manager, Public Relations
Fiserv,
Inc.
414-218-4019
Mark.Jelfs@fiserv.com
Source: Fiserv, Inc.
News Provided by Acquire Media