SCOTTSDALE, Ariz - Primary Payment Systems Inc., an affiliate of First Data Corp., announced in a news release that its Early Warning databases, which help mitigate losses associated with payment and identity fraud, now cover an estimated 90 percent of all open and active U.S. transaction accounts.
Financial institutions now contribute information on previously unreported accounts to the databases.
The near-total coverage is expected to help save U.S. financial institutions an additional $100 million or more in fraud losses this year.
Powered by the databases, the Early Warning deposit and payment risk assessment services help prevent fraud-related losses by notifying users of high-risk deposits and payments via transaction accounts, such as checking, demand deposit, negotiable order of withdrawal, automatic transfer service and credit union share draft accounts.
The databases, which are used exclusively for fraud prevention, receive daily updates with non-public secure information regarding accounts, transactions and identities.
