The partnership will allow the financial services provider to offer an early breach detection solution the company calls Card Risk Office Fraud Warning. Fiserv said the warning system identifies potential fraud events 30 to 60 days before network alerts. The new product will give Fiserv customers access to information that will help detect card-related fraud and localized events that networks may not investigate, according to the company’s press release.
The release said the new information will help mitigate fraud and help if a breach occurs. The system enables card reissues and changes some of the existing risk rules. A total of 1,579 data breaches were reported in the US during 2017, up from 1,093 in 2016, Journal Sentinel cited the Identity Theft Resource Centre. Fiserv has more than 2,400 clients of its Card Risk Office that will be able to use the new product, the release added.
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