Fiserv’s Payment Fraud Manager now offers a new, advanced predictive scoring model specific to Automated Clearing House (ACH) transactions. Payment Fraud Manager detected more than 90% of fraud while reviewing only two percent of the transactions, according to Fiserv model validation tests.
Built to help financial institutions detect and stop fraudulent electronic payments in real time, Payment Fraud Manager is one of the industry’s most advanced fraud prevention solutions for electronic funds transfers (EFT) across all major settlement channels, including SEPA, SWIFT, Fedwire and ACH.
The new ACH predictive model utilizes a data rich consortium model to help stop fraud before a payment leaves the originating financial institution, providing improved risk mitigation to both financial institutions and their customers.
By leveraging industry-level data from hundreds of financial institutions of all sizes across the U.S., doctorial data scientists at Fiserv have created empirically derived, statistically proven predictive models that are more effective in the detection and prevention of fraud than relying on data from an individual financial institution. These models produce a highly predictive real-time risk score for every transaction. By scoring all transactions in real-time, high risk payments can be suspended immediately, prior to incurring a loss, for review and decision-making.
Another advancement for Payment Fraud Manager includes an enhanced innovative profiling engine that assures more accurate analysis and anomaly detection while updating behavioral profiles 30% faster.
According to the Boston Consulting Group’s 2015 Global Payments Report, in 2015 global banks handled more than $400 trillion in non-cash payments. A real-time fraud prevention and detection solution can help prevent multi-billion dollar losses. Forty percent of commercial customers who fall victim to fraud switch banks for some or all of their services, according to the Ponemon Institute.
Payment Fraud Manager provides cutting-edge predictive models, user-defined rules, scorecards and end-to-end alert and case management to mitigate every aspect of fraud risk for electronic funds transfers (EFT) across such infrastructures such as SEPA, LVTS, SWIFT and Fedwire. The predictive models cover high value/low volume payments as well as low value/high volume payments.
In addition to direct installations available now, Payment Fraud Manager will be available to Fiserv account processing clients through a series of incremental releases with scheduled availability in 2017.
Payment Fraud Manager is built on Financial Crime Risk Management Platform from Fiserv, which also includes AML Risk Manager, Check Fraud Manager and Customer Risk Manager. The platform delivers focused best-in-class business solutions delivering analytics and models that give clients the agility to respond immediately to changes in behavioral patterns leading to financial crime threats. It also dramatically reduces false positives and improves loss rates so clients can focus on core business and reduce their exposure to risk.
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