BROOKFIELD, Wis. — Fiserv Inc., provider of information-technology services to the financial and insurance industries, has announced that the CheckFree FraudNet fraud-detection and case-management system has blocked more than 21,000 attempted fraudulent bill-payment transactions, totaling $287.9 million, since the service went live in November 2005.
According to a news release, FraudNet provides a solution for financial institutions to lower fraud rates. The FraudNet service is part of a suite of fraud-prevention solutions offered by Fiserv that helps detect and mitigate fraud from log-in authentication to back-end payment processing.
The software scores each online bill payment and halts the processing of suspicious transactions until they have been reviewed by fraud specialists.
