Fiserv enhances authentication services to combat call center fraud
Step-up authentication and identity verification reduce financial institution risk exposure, deter malicious account activity
BROOKFIELD, WI (August 22, 2018) — 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 Fiservclients in the second quarter, successfully identified a subset of calls to be fraudulent.
Additional Resources:
About Fiserv
Fiserv, Inc. (NYSE: FI), a Fortune 500 company, aspires to move money and information in a way that moves the world. As a global leader in payments and financial technology, the company helps clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; and the Clover® cloud-based point-of-sale and business management platform. Fiserv is a member of the S&P 500® Index and has been recognized as one of Fortune® World’s Most Admired Companies™ for 9 of the last 10 years. Visit fiserv.com and follow on social media for more information and the latest company news.
