At Fiserv, we take fraud very seriously on behalf of our organization and our clients.
As the leading global issuer processer, global merchant acquirer and U.S. core account processing provider, we process hundreds of millions of deposit accounts and facilitate billions of payment transactions each year. This gives us access to large amounts of data which, when analyzed through machine learning, robotic process automation and other advanced technology, enables us to create a broad view of fraudulent activity. Machine learning helps distinguish between legitimate and fraudulent behaviors while adapting over time to new, previously unseen fraud tactics.
This expansive insight is on display at our Fraud Strategy Center within the Innovation Center on the Berkeley Heights, N.J. campus. The state-of-the-art facility is staffed by Fiserv risk analysts who provide their expertise regarding where domestic and international fraud is currently taking place, and which financial institutions, issuers and merchants are affected.
This data is used as the foundation for our payments and card fraud detection solutions. Additionally, the facility supports the important investigative work Fiserv does with government and law enforcement agencies – ranging from finding missing children to aiding in homicide investigations.
“The Fraud Strategy Center constantly monitors fraudulent activity across the Fiserv Network. Fraud never rests – so Fiserv never rests,” said Patrick Davie, Head of Banking Fraud and Risk Solutions, Fiserv. “We are always working on behalf of our clients to provide the best fraud prevention and detection available.”
Fraud on the rise
Fraud attacks have accelerated as more consumers have increased their use of online channels. According to tracking performed for Fiserv clients, in 2022 eCommerce accounted for more than 75% of all card fraud attempts – a 24% increase over the 2018 calendar year. This represented 83% of the total fraud dollars at risk.