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Carat from Fiserv Introduces Fraud Mitigation Solution to Simplify How Large Businesses Manage Risk
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Negative)
Tags
Rhea-AI Summary
Fiserv (NASDAQ: FISV) unveiled a new Fraud Mitigation solution aimed at simplifying omnichannel risk management for large enterprises. Integrated within the Carat global commerce platform, this modular solution offers customizable controls for transaction scoring and chargeback management. This launch coincides with the Merchant Risk Council conference in Las Vegas (March 6-9). Notably, ecommerce fraud resulted in an estimated $41 billion loss in 2022. The solution boasts advanced data analytics and a flexible fraud prevention engine, helping businesses enhance authorization rates and reduce false declines.
Positive
Launch of a new Fraud Mitigation solution within the Carat platform, enhancing risk management capabilities.
Utilizes enterprise-wide data to improve decision-making and fraud prevention effectiveness.
Addresses a significant market need, as ecommerce fraud losses reached an estimated $41 billion in 2022.
Negative
None.
Modular solution provides access to fraud and risk controls, transaction scoring, and chargeback management via a single integration
Fraud Mitigation leverages enterprise-wide data from Fiserv to strengthen decisioning
BROOKFIELD, Wis.--(BUSINESS WIRE)--
Fiserv, Inc. (NASDAQ: FISV), a leading global provider of payments and financial services technology solutions, today introduced a new fraud mitigation solution designed to simplify how large enterprises manage omnichannel risk. Accessible through the Carat global commerce platform, the modular solution empowers merchants with controls that can be customized based on a firm’s risk appetite, along with simplified access to transaction scoring, chargeback management and other capabilities.
Fiserv is debuting Fraud Mitigation this week at the Merchant Risk Council (MRC) in Las Vegas, March 6-9 (Booth #631).
While online fraud continues to proliferate, as evidenced by an estimated $41 billion lost to ecommerce fraud in 2022, it may be surprising that only 27% of merchants say reducing fraud losses is guiding their fraud mitigation philosophy. Instead, merchants indicate they are focused on maximizing sales, minimizing user friction, reducing false declines, or balancing sales with fraud losses.
“As omnichannel fraud becomes more sophisticated, businesses are trying to strike a balance between reducing risk and driving revenue – whether that is by maximizing authorizations, limiting false declines, or preserving consumer trust,” said Jason Paguandas, Vice President and GM of Merchant Fraud at Fiserv. “By providing businesses with a highly configurable and scalable solution, merchants can align fraud controls to their business strategy and easily augment their tech stack without integrating to additional vendors.”
The modular solution simplifies how businesses manage risk via:
A flexible, rules-based fraud prevention engine, which provides control over risk thresholds.
Monitoring and scoring capabilities, which help stop suspicious transactions by leveraging machine learning, behavioral analytics, and industry-leading link analysis.
Trusted chargeback protections, which safeguard against consumer chargeback abuse.
Data Advantages in Fraud Prevention
The rules-based engine powering Fraud Mitigation is augmented by acquiring, card, network, and issuer data from Fiserv – providing a horizontal viewpoint across payment activity. These highly differentiated data sets are ingested by machine learning tools to improve decisions and provide optimal outcomes, such as improved authorization rates and a reduction in false declines, for ecommerce transactions.
“Card not present transactions have historically been challenging from a fraud mitigation perspective, as very limited data passes through the authorization stream from the merchant to the issuer,” said Julie Conroy, Head of Risk Insights and Advisory at Aite Novarica. “Augmenting decisioning with a wide variety of data sources can significantly strengthen the customer risk profile, especially when a business is able to connect merchant and issuer data.”
Fraud Mitigation is part of Carat, the global commerce platform from Fiserv that orchestrates payments and experiences for the world’s largest businesses. With Carat, leading brands can unify their commerce, optimize transactions, and imagine and realize new ways to engage with customers.
Fiserv, Inc. (NASDAQ: FISV) aspires to move money and information in a way that moves the world. As a global leader in payments and financial technology, the company helps clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; and the Clover® cloud-based point-of-sale and business management platform. Fiserv is a member of the S&P 500® Index and one of Fortune® World’s Most Admired Companies™. Visit fiserv.com and follow on social media for more information and the latest company news.
Media Relations:
Chase Wallace Director, Communications
Fiserv, Inc. +1 470-481-2555
chase.wallace@fiserv.com
Additional Contact:
Ann S. Cave Vice President, External Communications Fiserv, Inc. +1 678-325-9435
ann.cave@fiserv.com
Source: Fiserv, Inc.
FAQ
What is Fiserv's new fraud mitigation solution?
Fiserv's new fraud mitigation solution simplifies omnichannel risk management for large enterprises, providing customizable controls for transaction scoring and chargeback management.
When was the Fraud Mitigation solution launched?
The Fraud Mitigation solution was launched during the Merchant Risk Council conference in Las Vegas from March 6-9.
How does the Fraud Mitigation solution help businesses?
The solution enhances fraud prevention by utilizing enterprise-wide data, improving decision-making and helping to reduce false declines.
Why is the Fraud Mitigation solution important?
It addresses the growing issue of ecommerce fraud, which resulted in an estimated $41 billion in losses in 2022, helping businesses mitigate risks effectively.
What platform does the Fraud Mitigation solution integrate with?
The Fraud Mitigation solution is integrated within Fiserv's Carat global commerce platform.
