Fiserv launches fraud detection solution for card issuers

Global payments and financial services technology solutions provider Fiserv is launching a fraud detection solution, Advance Defense, for card issuers of all sizes. The card issuers will have access to maximizing legitimate cardholder spend for a full range of card types, with better control of fraud losses.

Advance Defense utilizes cognitive artificial intelligence (AI) technology and 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 to recommend tailored fraud rules.

With the rules, Advance Defense allows issuers to enhance prevention strategies with less time, better identify fraud, minimize false declines and optimize the consumer experience.

The differentiated functionality of Advance Defense includes:

• ​A robust dataset that provides a rich foundation for higher levels of fraud detection due to enhanced data retention, integration of confirmed fraud data with real-time authorization data, and the ability to add data sources, including suspect fraud and settlement information

• ​Advanced analytics with a fully automated environment for fraud analysis and rule generation, utilizing transparent data points and statistics, including fraud detection rates and false decline ratios

• Customizable modeling incorporating 100% real-time FICO® fraud scoring, indicators of unusual purchasing behaviors, and the ability to import custom models, all with a consortium level view

Recently, Fiserv has enabled implementation of P2P payments for more than 400 institutions via the Turnkey Service for Zelle.