BROOKFIELD, Wis. - Fiserv said its CheckFree FraudNet automated fraud detection and case management system has blocked more than 21,000 attempted fraudulent bill payment transactions totaling $287.9 million since going live in November 2005.
Noting that while the actual incidence of fraud for electronic payments is low, the company said FraudNet provides a powerful solution for financial institutions to lower fraud rates even further. “The FraudNet service is part of a suite of fraud prevention solutions offered by Fiserv that helps detect and mitigate fraud from log-in authentication to back-end payment processing, resulting in a lower cost of ownership in the online channel for financial institutions,” Fiserv reported.
For info: www.fiserv.com.
