Fiserv Enhances Authentication Services to Combat Call Center Fraud
August 22 2018 - 09:23AM
Business Wire
Step-up authentication and identity
verification reduce financial institution risk exposure, deter
malicious account activity
Fiserv, Inc. (NASDAQ: FISV), a leading global provider of
financial services technology solutions, announced today it has
introduced two enhanced consumer authentication solutions, step-up
authentication and identity verification, to mitigate card fraud
within call centers.
Step-up authentication expands beyond knowledge-based consumer
authentication that can be vulnerable to fraud, using a five-digit
code via text or email valid only during the call. New for Fiserv
credit clients, identity verification provides real-time analysis
that triggers protective actions to help mitigate account takeover,
evaluating high-risk cardholder behavior within the interactive
voice response (IVR) system. Layered, multi-factor authentication
establishes the identity of the caller and passes information
downstream to other fraud applications.
“Personally identifiable information has become easier to find
and exploit online due to the ubiquity of social media, and call
center fraud has been increasing each year,” said Patrick Davie,
vice president, Product Strategy, Card Services, Fiserv. “With
these two solutions, fraud exposure for financial institutions can
be reduced, cardholders’ personal data is safeguarded and account
takeover can be prevented before transactions at the point of sale
occur.”
Growing trends in fraud reflect evolving methods with financial
institutions and their consumers paying the price. Overall fraud
hit a three-year high of $16.8 billion in 2017, and the mean
consumer cost of fraud more than doubled from 2016 to 2017,
reaching $102 per incident. In 2017, Account Takeover losses in the
United States totaled $5.1 billion, tripling over 2016. Consumers
increasingly consider their financial institutions to be the party
most responsible for safeguarding them against fraud, according to
Javelin’s 2018 Identity Fraud report.
Hundreds of Fiserv clients participated in the initial
five-month step-up authentication pilot, which has seen more than
$2 million in fraud savings due to enhanced customer
authentication. Identity verification, released to Fiserv clients
in the second quarter, successfully identified a subset of calls to
be fraudulent.
Additional Resources:
- Credit & Debit Solutions from
Fiserv – https://fisv.co/2KUcMvz
About Fiserv
Fiserv, Inc. (NASDAQ: FISV) enables clients worldwide to create
and deliver financial services experiences in step with the way
people live and work today. For more than 30 years, Fiserv has been
a trusted leader in financial services technology, helping clients
achieve best-in-class results by driving quality and innovation in
payments, processing services, risk and compliance, customer and
channel management, and insights and optimization. Fiserv is a
member of the FORTUNE® 500 and has been named among the FORTUNE
Magazine World's Most Admired Companies® for five consecutive
years, recognized for strength of business model and innovation
leadership. For more information, visit fiserv.com.
FISV-G
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version on businesswire.com: https://www.businesswire.com/news/home/20180822005402/en/
Media Relations:Mark JelfsManager, Public
RelationsFiserv,
Inc.414-218-4019mark.jelfs@fiserv.comorAdditional
Contact:Cristy WilliamsSr. Director, Corporate
CommunicationsFiserv,
Inc.678-375-3295cristy.williams@fiserv.com
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