News

Fiserv rolls out updated Payment Fraud Manager

September 22, 2016

Fiserv has unveiled the latest advancements for Payment Fraud Manager, including a new predictive scoring model specific to Automated Clearing House transactions. According to a company press release, the solution detected more than 90 percent of fraud while reviewing only two percent of the transactions in Fiserv model validation tests.

Payment Fraud Manager is designed to help financial institutions detect and stop fraudulent electronic funds transfers across all major settlement channels, including SEPA, SWIFT, Fedwire and ACH.

The new ACH predictive model uses a data-rich consortium model — leveraging industry-level data from hundreds of financial institutions of all sizes across the U.S. — to help stop fraud before a payment leaves the originating financial institution.

The solution provides a highly predictive real-time risk score for every transaction, the release said. Because transactions are scored in real time, high risk payments can be suspended immediately for review and decision-making.

Payment Fraud Manager also has been enhanced with a profiling engine that provides more accurate analysis and anomaly detection while updating behavioral profiles 30 percent faster, the release said.

Payment Fraud Manager features user-defined rules, scorecards and end-to-end alert and case management, and its predictive models cover high value-low volume payments as well as low value-high volume payments, according to Fiserv.

Payment Fraud Manager will be available to Fiserv account processing clients through a series of incremental releases with scheduled availability in 2017; direct installations are available now.