Fiserv, a of provider of financial services technology solutions, has partnered with fraud analytics firm Rippleshot.
Through the partnership, Fiserv will 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.
Financial institutions will have access to information to help detect card-related fraud more quickly, as well as gain visibility to data about localised events networks may not have previously investigated.
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, 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 minimise the negative impacts and resulting revenue loss associated with card fraud, while maximising the cardholder experience.”
Rippleshot claims to be transforming the way that banks and credit unions detect fraud through a cloud-based technology solution that leverages machine learning and data analytics to distinguish fraudulent activity more quickly and efficiently. Its technology processes millions of payment card transactions to proactively pinpoint when and where a data breach occurred.
Cahn Tran, co-founder, Rippleshot, 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.”
Earlier this year, Fiserv partnered with Mastercard to offer a decision and fraud detection service. The service helps financial institutions increase the accuracy of real-time approvals of genuine transactions, reduce the number of false declines and improve the overall cardholder experience.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
