Global payments and financial services provider Fiserve has introduced a fraud detection solution for card issuers to help minimise fraud losses.
Advance Defense 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. It instantly recommends rules to better identify fraud and minimise false declines.
“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.”
Advance Defense includes advanced analytics with a fully automated environment for fraud analysis and rule generation. It also offers customisable modelling incorporating 100% real-time FICO fraud scoring, indicators of unusual purchasing behaviours and the ability to import custom models.
“This robust fraud management experience was created to empower card-issuing institutions to automatically identify evolving fraud patterns for immediate mitigation,” said Fiserv’s Patrick Davie. “Sophisticated fraud prevention is a competitive advantage. 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.”