Market Overview

Fiserv Enhances Authentication Services to Combat Call Center Fraud

Share:

Step-up authentication and identity verification reduce financial
institution risk exposure, deter malicious account activity

Fiserv,
Inc.
(NASDAQ:FISV), a leading global provider of financial services
technology solutions, announced today it has introduced two enhanced
consumer authentication solutions, step-up authentication and identity
verification, to mitigate card fraud within call centers.

Step-up authentication expands beyond knowledge-based consumer
authentication that can be vulnerable to fraud, using a five-digit code
via text or email valid only during the call. New for Fiserv credit
clients, identity verification provides real-time analysis that triggers
protective actions to help mitigate account takeover, evaluating
high-risk cardholder behavior within the interactive voice response
(IVR) system. Layered, multi-factor authentication establishes the
identity of the caller and passes information downstream to other fraud
applications.

"Personally identifiable information has become easier to find and
exploit online due to the ubiquity of social media, and call center
fraud has been increasing each year," said Patrick Davie, vice
president, Product Strategy, Card Services, Fiserv. "With these two
solutions, fraud exposure for financial institutions can be reduced,
cardholders' personal data is safeguarded and account takeover can be
prevented before transactions at the point of sale occur."

Growing trends in fraud reflect evolving methods with financial
institutions and their consumers paying the price. Overall fraud hit a
three-year high of $16.8 billion in 2017, and the mean consumer cost of
fraud more than doubled from 2016 to 2017, reaching $102 per incident.
In 2017, Account Takeover losses in the United States totaled $5.1
billion, tripling over 2016. Consumers increasingly consider their
financial institutions to be the party most responsible for safeguarding
them against fraud, according to Javelin's 2018 Identity Fraud report.

Hundreds of Fiserv clients participated in the initial five-month
step-up authentication pilot, which has seen more than $2 million in
fraud savings due to enhanced customer authentication. Identity
verification, released to Fiserv clients in the second quarter,
successfully identified a subset of calls to be fraudulent.

Additional Resources:

About Fiserv

Fiserv, Inc. (NASDAQ:FISV) enables clients worldwide to create and
deliver financial services experiences in step with the way people live
and work today. For more than 30 years, Fiserv has been a trusted leader
in financial services technology, helping clients achieve best-in-class
results by driving quality and innovation in payments, processing
services, risk and compliance, customer and channel management, and
insights and optimization. Fiserv is a member of the FORTUNE® 500
and has been named among the FORTUNE Magazine World's Most Admired
Companies® for five consecutive years, recognized for
strength of business model and innovation leadership. For more
information, visit fiserv.com.

FISV-G

View Comments and Join the Discussion!