Fiserv, Inc. (NASDAQ: FISV), a global provider of financial services technology solutions, announced on Monday 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.
According to Fiserv, with Card Risk Office Fraud Warning, 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. The firm noted 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, and close to 400 of which use a non-Fiserv core processing platform. Speaking about Card Risk Office Fraud Warning, Patrick Davie, vice president, Product Strategy, Card Services, at Fiserv, stated:
“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. 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.”
Cahn Tran, Co-Founder of Rippleshot, then 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.”