News : Fiserv Enhances Authentication Services to Combat Call Center Fraud
Brookfield, WI, USA, Aug 22, 2018 -- Fiserv, Inc. (NASDAQ: FISV), a global provider of financial services technology solutions, announced 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.
Sponsor message - content continues below this message
Employee Engagement Awards NOW OPEN!
Enter your center,and compete for this prestigious award to attract new staff and show investors and customers you are #1 in your nation!!
Content continues ….
"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.
Posted by Veronica Silva Cusi, news correspondent
Today's Tip of the Day - Benchmark Versus Best Agents
More Editorial From Fiserv
Fiserv is a provider of technology solutions to the financial world, including banks, credit unions, securities processing organizations, insurance companies.
Published: Friday, August 24, 2018
Concentrix, a wholly-owned subsidiary of SYNNEX Corporation (NYSE: SNX), is a technology-enabled global business services company specializing in customer engagement and improving business performance...
Genesys® powers 25 billion of the world’s best customer experiences each year. Our success comes from connecting employee and customer conversations on any channel, every day. Over 10,000 companies in...
Zappix transforms the user journey during contact center interactions. The cloud-based Zappix Visual IVR On-Demand platform provides a full visual experience for customers, increasing self-service ...
Consilium Software is the Unified Communications software company which is Enabling Unified Success™ in enterprises and contact centers – with solutions that combine industry-leading products from tec...