New predictive model utilizes consortium intelligence to help stop ACH
fraud before the payment leaves the originating financial institution
BROOKFIELD, Wis.--(BUSINESS WIRE)--
Fiserv,
Inc. (NASDAQ: FISV), a leading global provider of financial services
technology solutions, announced today the latest advancements for Payment
Fraud Manager. With a new, advanced predictive scoring model
specific to Automated Clearing House (ACH) transactions, Payment Fraud
Manager detected more than 90 percent of fraud while reviewing only two
percent of the transactions, according to Fiserv model validation tests.
Built to help financial institutions detect and stop fraudulent
electronic payments in real time, Payment Fraud Manager is one of the
industry's most advanced fraud prevention solutions for electronic funds
transfers (EFT) across all major settlement channels, including SEPA,
SWIFT, Fedwire and ACH.
The new ACH predictive model utilizes a data rich consortium model to
help stop fraud before a payment leaves the originating financial
institution, providing improved risk mitigation to both financial
institutions and their customers. By leveraging industry-level data from
hundreds of financial institutions of all sizes across the U.S.,
doctorial data scientists at Fiserv have created empirically derived,
statistically proven predictive models that are more effective in the
detection and prevention of fraud than relying on data from an
individual financial institution. These models produce a highly
predictive real-time risk score for every transaction. By scoring all
transactions in real-time, high risk payments can be suspended
immediately, prior to incurring a loss, for review and decision-making.
Another advancement for Payment Fraud Manager includes an enhanced
innovative profiling engine that assures more accurate analysis and
anomaly detection while updating behavioral profiles 30 percent faster.
"EFT fraud attempts are increasing in size, frequency and
sophistication," said Jason Vazquez, senior vice president, deputy chief
risk officer and BSA/AML compliance officer, Sterling National Bank.
"Fraud solutions from Fiserv give us best-in-class detection and
minimize false positives. This empowers our bankers to make informed
real-time decisions to stop payment fraud, while still maintaining a
high level of service to our customers."
According to the Boston Consulting Group's 2015 Global Payments Report,
in 2015 global banks handled more than $400 trillion in non-cash
payments. A real-time fraud prevention and detection solution can help
prevent multi-billion dollar losses. Forty percent of commercial
customers who fall victim to fraud switch banks for some or all of their
services, according to the Ponemon Institute.
Payment Fraud Manager provides cutting-edge predictive models,
user-defined rules, scorecards and end-to-end alert and case management
to mitigate every aspect of fraud risk for electronic funds transfers
(EFT) across such infrastructures such as SEPA, LVTS, SWIFT and Fedwire.
The predictive models cover high value/low volume payments as well as
low value/high volume payments.
"People expect their money to move fast, and financial institutions must
be able to prevent fraud at the same speed to protect their customers
and assets," said Tim Grace, senior vice president and general manager,
Financial & Risk Management Solutions, Fiserv. "Payment Fraud Manager
helps banks identify fraud among a sea of legitimate transactions that
must flow seamlessly. With real-time fraud detection and prevention,
financial institutions can protect their assets and ensure customers can
safely take advantage of more convenient and real-time ways of banking."
Fiserv delivers unique capabilities for financial crime prevention that
help organizations to more effectively detect, investigate, prevent and
resolve the most significant financial crimes affecting companies around
the globe, as well as helping to maintain compliance and improve
profitability.
In addition to direct installations available now, Payment Fraud Manager
will be available to Fiserv account processing clients through a series
of incremental releases with scheduled availability in 2017.
Payment Fraud Manager is built on Financial Crime Risk Management
Platform from Fiserv, which also includes AML Risk Manager, Check Fraud
Manager and Customer Risk Manager. The platform delivers focused
best-in-class business solutions delivering analytics and models that
give clients the agility to respond immediately to changes in behavioral
patterns leading to financial crime threats. It also dramatically
reduces false positives and improves loss rates so clients can focus on
core business and reduce their exposure to risk.
In a world that is moving faster than ever before, Fiserv helps clients
deliver solutions that are in step with the way people live and work
today - financial services at the speed of life. Learn more at TheSpeedofLife.com.
Additional Resources
About Fiserv
Fiserv, Inc. (NASDAQ:FISV) enables clients to achieve best-in-class
results by driving quality and innovation in payments, processing
services, risk and compliance, customer and channel management, and
business insights and optimization. For more than 30 years, Fiserv has
been a global leader in financial services technology. Fiserv is a
FORTUNE 500 company and in 2016 was honored to be named a FORTUNE
magazine's World's Most Admired Company for the third consecutive year.
In 2015 the company was recognized among Forbes magazine's America's
Best Employers. For more information, visit Fiserv.com.
FISV-G
View source version on businesswire.com: http://www.businesswire.com/news/home/20160919005435/en/
Media Relations:
Julie Smith
Senior Public Relations
Manager
Fiserv, Inc.
+1 412-225-3182
julie.smith@fiserv.com
or
Additional
Contact:
Ann Cave
Director, Public Relations
Fiserv,
Inc.
+ 1 678-375-4039
ann.cave@fiserv.com
Source: Fiserv, Inc.
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