Global financial services technology provider Fiserv has launched an intelligent fraud detection solution, dubbed Advance Defense for all sizes of card issuers.
Supported by cognitive artificial intelligence (AI), Advance Defense will recommend the customised fraud rules for issuers, based on the data from the specific card-issuing institution and a consortium for identifying fraud patterns.
The instantly recommended fraud rules from the new solution would enable issuers identify fraud, minimise false declines, and optimise the consumer experience.
Also, Advance Defense will prevent issuers from spending time on analysis of fraud data to enhance prevention strategies, said the company.
Aite Group research director Julie Conroy said: “Given the evolving landscape of payments fraud, this innovation should aid financial institutions as they work to reduce cardholder friction and reduce fraud.
“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 provides broad dataset and advanced analytics
Advance Defense offers a broad dataset with enhanced data retention, integration of confirmed fraud data and its real-time authorisation, along with suspect fraud and settlement information.
Utilising transparent data points and statistics, the tool provides advanced analytics with automated environment for fraud analysis and rule generation.
Furthermore, the solution would facilitate customisable modelling by incorporating real-time FICO fraud scoring, unusual purchasing behaviours indicator, and the capability to import custom models.
Fiserv is a global payments and financial technology company, serving in the areas of account processing and digital banking solutions, card issuer processing and network services, payments, e-commerce, merchant acquiring and cloud-based point-of-sale solutions.
Fiserv card services product strategy vice president Patrick Davie said: “This first-of-its kind robust fraud management experience was created to empower card-issuing institutions’ to automatically identify evolving fraud patterns for immediate mitigation.
“Sophisticated fraud prevention is a competitive advantage, and 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.”
