Advance Defense enables intelligent transaction decisioning.
Fiserv, Inc. (NASDAQ: FISV), a leading global provider of payments and financial services technology solutions, has introduced a first-of-its-kind intelligent fraud detection solution for card issuers of all sizes, designed to help minimize fraud losses while maximizing legitimate cardholder spend for a full range of card types.
Advance Defense? from Fiserv is powered by cognitive artificial intelligence (AI), recommending tailored fraud rules based both on data from the specific card-issuing institution and a consortium through which fraud patterns can be identified at the merchant ID, state or country level. Issuers no longer need to spend days or weeks analyzing fraud data to enhance prevention strategies as Advance Defense will instantly recommend rules to better identify fraud and minimize false declines, optimizing the consumer experience.
'Given the evolving landscape of payments fraud, this innovation should aid financial institutions as they work to reduce cardholder friction and reduce fraud,' said Julie Conroy, research director at Aite Group. 'By staying nimble with Advance Defense, issuers can reap the benefits of increased revenue, better data access, improved operational efficiencies and top-of-wallet position with their cardholders.'
The differentiated functionality of Advance Defense includes:
A robust dataset that provides a rich foundation for higher levels of fraud detection due to enhanced data retention, integration of confirmed fraud data with real-time authorization data, and the ability to add data sources, including suspect fraud and settlement information
Advanced analytics with a fully automated environment for fraud analysis and rule generation, utilizing transparent data points and statistics, including fraud detection rates and false decline ratios
Customizable modeling incorporating 100% real-time FICO fraud scoring, indicators of unusual purchasing behaviors, and the ability to import custom models, all with a consortium level view
'This first-of-its kind robust fraud management experience was created to empower card-issuing institutions' to automatically identify evolving fraud patterns for immediate mitigation,' said Patrick Davie, vice president, Product Strategy, Card Services at Fiserv. 'Sophisticated fraud prevention is a competitive advantage, and with Advance Defense financial institutions big and small can improve the speed at which true fraud is exposed and remediated, while keeping false alarms to a minimum.'
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.
Advance Defense: https://fisv.co/3cKZiBV
Fiserv, Inc. (NASDAQ: FISV) aspires to move money and information in a way that moves the world. As a global leader in payments and financial technology, the company helps clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; and the Clover cloud-based point-of-sale solution. Fiserv is a member of the S&P 500 Index and the FORTUNE 500, and is among the FORTUNE World's Most Admired Companies. Visit fiserv.com and follow on social media for more information and the latest company news.