News

Fiserv Risk Office nets 40% average reduction in dollar fraud losses

May 30, 2012

Fiserv reports that some financial institutions that use the company's Risk Office solution have experienced an average loss reduction of 40 percent within their first year of enrollment. The company said Risk Office subscribers also report an average of 58 percent lower basis points of fraud than the industry standard.

The company points to these reductions as key factors in the 56 percent increase in new clients last year for its credit, debit and prepaid card investigative and consultative service.

Fiserv Risk Office provides risk management consultation services and direction to help clients protect, detect and respond to credit, debit and prepaid card fraud risk exposure. It functions as a virtual extension of an FI's risk team, who can communicate in real time with the service's certified fraud analysts to identify the root cause of fraud and help determine the best approach to mitigate exposure.

Risk Office clients gain access to insight and support from Fiserv that includes investigative and consultative services, monitoring and reporting services, rule management services, card management services and an annual risk assessment. 

"We first employed the services of Risk Office from Fiserv in August 2009 when our entire community fell victim to a smishing attack," said Karrie J. Parker, vice president of e-commerce at The Fauquier Bank. "The smishing text messages informed cell phone users in our area code that their debit cards had been de-activated and provided instructions to 'remedy' the situation. Risk Office was quick to analyze and identify the origination point of subsequent fraudulent activity. Our risk analyst drafted and applied custom rules to our card base, stopping the fraudsters almost immediately. This saved our cardholders and the bank hundreds of thousands of dollars."

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