Fiserv, a financial services technology company, has collaborated with fraud analytics firm Rippleshot to bring the Card Risk Office Fraud Warning technology to market.
The technology is an early breach detection solution developed to enable identification of potential card-related fraud events about 30-60 days before network alerts.
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The solution provides financial institutions with information needed to detect fraud quickly and gain visibility to data on localised events that may not have been previously investigated.
Fiserv is set to use this data obtained through machine learning to inform and strengthen risk mitigation strategies, and plans to offer the solution to more than 2,400 clients of Card Risk Office.
The company said that the data can be used by financial institutions to boost proactive card fraud mitigation approaches, while the Fraud Warning technology enables them to optimise card reissues post breaches, minimise payment friction and losses and improve current risk rules.
A risk score can also be applied to each card to determine trends and the chances of fraud related to that particular card.
Fiserv vice-president of product strategy for card services Patrick Davie said: “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.”
