Fiserv partners with Rippleshot for Early Breach Detection
Posted: 9 May 2018 | Source: Fiserv
Fiserv, Inc. (NASDAQ: FISV), a leading global provider of financial services technology solutions, announced today 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.
The alliance positions Fiserv as the first financial technology company in the card processing industry to bring this technology to market. With Card Risk Office Fraud Warning from Fiserv, 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. Fiserv 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 minimize the negative impacts and resulting revenue loss associated with card fraud, while maximizing the cardholder experience."
"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," said Cahn Tran, co-founder, Rippleshot. "We are excited to partner with Fiserv, a fintech leader that shares our passion and expertise when it comes to fraud-fighting technologies."
A total of 1,579 data breaches were reported during 2017, a marked increase from 1,093 the prior year, according to the Identity Theft Resource Center. With the data gleaned from Fraud Warning, financial institutions can build and strengthen their proactive card fraud mitigation strategies. Fraud Warning also allows for the streamlining of costly card reissues after breaches, reduces payment friction, augments existing risk rules and fraud mitigation strategies, and reduces losses by an average of 10 percent. Additionally, a risk score applied to each card indicates trends and the likelihood of fraud related to that individual card.
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.