Fiserv Debuts Tech to Combat Financial Fraud

Fiserv has launched four new products to combat financial crimes relating to payment transactions, checks, customer fraud, and money laundering.

Each new product provides a view of a customer's behavior and relationship with a financial institution to monitor fraudulent activity, the Brookfield, Wis.-based technology provider said in a March 4 press release. All of the products are part of Fiserv's financial crime risk management platform.

The check fraud manager uses predictive analytic models to assess items presented to bank tellers and through remote deposit capture.

Additionally, the payment fraud manager product uses scorecards for ACH, SEPA, SWIFT and wire transactions. According to Fiserv, ACH fraud accounts for more than $1.2 billion in annual losses, while wire fraud is the top concern of fraud executives. 

The customer risk manager provides profiling and risk scores that are determined by looking at a customer's relationship with the financial institution to detect any possible changes before a fraudster takes over an account.

Fiserv's AML risk manager uses behavioral profiling to focus on the alerts most likely to become cases. This product also is meant to aid a financial institution's compliance teams. 

"The financial services industry is in need of breakthrough flexibility and quicker solutions to more effectively combat financial crimes," Tim Grace, general manager of financial crime risk management at Fiserv, said in the release. "Fiserv has developed these new solutions…to help improve loss rates and operational efficiency, which can positively impact the bottom line and increase customer satisfaction."