Fiserv to Offer Solution That Identifies Fraud 30-60 Prior to Network Alerts

RippleshotFiserv, a leading fintech solutions provider, has partnered with fraud analytics firm Rippleshot to offer Card Risk OfficeSM Fraud Warning, an early breach detection solution that allows financial institutions to identify potential fraud events 30-60 days prior to network alerts.
Fiserv will become the first financial technology company in the card processing industry to bring this technology to market.
Card Risk Office Fraud Warning provides financial institutions the help they need to detect card-related fraud more quickly, as well as gain visibility to data about localized events networks may not have previously investigated.
Patrick Davie, vice president, Product Strategy, Card Services, Fiserv
Patrick Davie, vice president, Product Strategy, Card Services, Fiserv

The data, derived from machine learning, will be used by Fiserv 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.

Patrick Davie, vice president, Product Strategy, Card Services, Fiserv, commented:
“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, said:
“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.”
Cahn Tran, co-founder of Rippleshot
Cahn Tran, co-founder of Rippleshot

According to the Identity Theft Resource Center. a total of 1,579 data breaches were reported during 2017, which is a notable increase from 1,093 the prior year.

Fiserv’s Fraud Warning streamlines 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. The service applies a risk score to each card to indicate trends and the likelihood of fraud.