Fiserv Launches Fraud-Scoring Tool Designed to Catch Breaches Early
Summary
That’s the prime idea behind a new anti-fraud product from Fiserv, which said Monday (May 7) that it had partnered with Rippleshot, a fraud analytics firm, on an “early breach detection” tool. Patrick Davie, VP of risk solutions for card services, discusses early fraud detection and its impacts on card issuer costs and revenue with Karen Webster in the PYMNTS “Walk to the Elevator” interview series. “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,” Davie said in the Fiserv announcement about Fraud Warning. It “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,” the company said. Davie, in his “Walk to the Elevator” interview, said no more than 10 percent of cards with data exposed in breaches end up supporting fraudulent transactions.
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