Carat from Fiserv Introduces Fraud Mitigation Solution to Simplify How Large Businesses Manage Risk
March 06 2023 - 8:30AM
Business Wire
Modular solution provides access to fraud and
risk controls, transaction scoring, and chargeback management via a
single integration
Fraud Mitigation leverages enterprise-wide data
from Fiserv to strengthen decisioning
Fiserv, Inc. (NASDAQ: FISV), a leading global provider of
payments and financial services technology solutions, today
introduced a new fraud mitigation solution designed to simplify how
large enterprises manage omnichannel risk. Accessible through the
Carat global commerce platform, the modular solution empowers
merchants with controls that can be customized based on a firm’s
risk appetite, along with simplified access to transaction scoring,
chargeback management and other capabilities.
Fiserv is debuting Fraud Mitigation this week at the Merchant
Risk Council (MRC) in Las Vegas, March 6-9 (Booth #631).
While online fraud continues to proliferate, as evidenced by an
estimated $41 billion lost to ecommerce fraud in 2022, it may be
surprising that only 27% of merchants say reducing fraud losses is
guiding their fraud mitigation philosophy. Instead, merchants
indicate they are focused on maximizing sales, minimizing user
friction, reducing false declines, or balancing sales with fraud
losses.
“As omnichannel fraud becomes more sophisticated, businesses are
trying to strike a balance between reducing risk and driving
revenue – whether that is by maximizing authorizations, limiting
false declines, or preserving consumer trust,” said Jason
Paguandas, Vice President and GM of Merchant Fraud at Fiserv. “By
providing businesses with a highly configurable and scalable
solution, merchants can align fraud controls to their business
strategy and easily augment their tech stack without integrating to
additional vendors.”
The modular solution simplifies how businesses manage risk
via:
- A flexible, rules-based fraud prevention engine, which provides
control over risk thresholds.
- Monitoring and scoring capabilities, which help stop suspicious
transactions by leveraging machine learning, behavioral analytics,
and industry-leading link analysis.
- Trusted chargeback protections, which safeguard against
consumer chargeback abuse.
Data Advantages in Fraud Prevention
The rules-based engine powering Fraud Mitigation is augmented by
acquiring, card, network, and issuer data from Fiserv – providing a
horizontal viewpoint across payment activity. These highly
differentiated data sets are ingested by machine learning tools to
improve decisions and provide optimal outcomes, such as improved
authorization rates and a reduction in false declines, for
ecommerce transactions.
“Card not present transactions have historically been
challenging from a fraud mitigation perspective, as very limited
data passes through the authorization stream from the merchant to
the issuer,” said Julie Conroy, Head of Risk Insights and Advisory
at Aite Novarica. “Augmenting decisioning with a wide variety of
data sources can significantly strengthen the customer risk
profile, especially when a business is able to connect merchant and
issuer data.”
Fraud Mitigation is part of Carat, the global commerce platform
from Fiserv that orchestrates payments and experiences for the
world’s largest businesses. With Carat, leading brands can unify
their commerce, optimize transactions, and imagine and realize new
ways to engage with customers.
Learn more at carat.fiserv.com.
About Fiserv
Fiserv, Inc. (NASDAQ: FISV) aspires to move money and
information in a way that moves the world. As a global leader in
payments and financial technology, the company helps clients
achieve best-in-class results through a commitment to innovation
and excellence in areas including account processing and digital
banking solutions; card issuer processing and network services;
payments; e-commerce; merchant acquiring and processing; and the
Clover® cloud-based point-of-sale and business management platform.
Fiserv is a member of the S&P 500® Index and one of Fortune®
World’s Most Admired Companies™. Visit fiserv.com and follow on
social media for more information and the latest company news.
FISV-G
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version on businesswire.com: https://www.businesswire.com/news/home/20230306005301/en/
Media Relations: Chase Wallace Director, Communications
Fiserv, Inc. +1 470-481-2555
chase.wallace@fiserv.com
Additional Contact: Ann S. Cave Vice
President, External Communications Fiserv, Inc. +1 678-325-9435
ann.cave@fiserv.com
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