Fiserv introduces Advance Defense, a fraud detection solution for card issuers

By Pavithra R

Fiserv, a leading global provider of financial services technology solutions, has announced the launch of an intelligent fraud detection solution Advance Defense for card issuers of all sizes, designed to minimize fraud losses while maximizing legitimate cardholder spend for a full range of card types.

The new solution 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. The solution removes the need for issuers to spend days or weeks analyzing fraud data to enhance prevention strategies as Advance Defense instantly recommends rules to better identify fraud and minimize false declines, optimizing the consumer experience.

“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,” said Julie Conroy, research director at Aite Group.

Fiserv’s Advance Defense functionality includes:

• A robust dataset providing enabling higher levels of fraud detection due to integration of confirmed fraud data with real-time authorization data, enhanced data retention, and the ability to add data sources, including suspect fraud and settlement information.
• Customizable modeling incorporating 100% real-time FICO fraud scoring, the ability to import custom models, all with a consortium level view and indicators of unusual purchasing behaviors.
• Advanced analytics with a fully automated environment for fraud analysis and rule generation, utilizing transparent data points and statistics, including false decline ratios and fraud detection rates.

“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,” said Patrick Davie, vice president, Product Strategy, Card Services at Fiserv.

Established since 1984, Fiserv is a global provider of payment and financial services technology. The FinTech aspires to move money and information in a way that moves the world. The FinTech is a member of the S&P 500 Index and the FORTUNE 500 and is among FORTUNE World’s Most Admired Companies.