Fiserv teams with Rippleshot to offer FIs early breach detection
Fiserv Inc. has partnered with Rippleshot, a fraud analytics firm, to offer Card Risk Office Fraud Warning, an early breach detection solution that allows financial institutions to identify potential fraud events 30–60 days prior to network alerts, according to a press release.
Fiserv will make the solution available to more than 2,400 clients of Card Risk Office, nearly 400 of whom use a non-Fiserv core processing platform. Fraud Warning utilizes machine learning to gain greater visibility into data about localized events that networks may not have previously investigated, the company said.
Additionally, Fraud Warning allows FIs to streamline costly card reissues after breaches, reduces payment friction, augments existing risk rules and fraud mitigation strategies, and reduces losses by an average of 10 percent, the release said. A risk score applied to each card indicates trends and the likelihood of fraud related to that individual card.
"Card fraud is a complex and ever-changing problem that demands a collaborative and proactive approach to tackle it effectively, so that cardholders can feel secure about the financial information they are using, storing or transacting with," Rippleshot co-founder Cahn Tran said in the press release. "We are excited to partner with Fiserv, a fintech leader that shares our passion and expertise when it comes to fraud-fighting technologies."
According to the release, Fiserv is the first financial technology company in the card processing industry to bring this technology to market.