The ACCEL/Exchange Network, owned and operated by Fiserv Inc. (Nasdaq:FISV), today announced that it will begin delivering Fair Isaac's CardAlert Fraud Manager Service to Canadian financial institutions for cardholder transactions conducted in the United States through ACCEL/Exchange.
CardAlert provides card issuers with an improved ability to minimize fraud losses through real-time detection of fraudulent card transactions. The service combines powerful predictive analytic software with investigative techniques to help organizations spot counterfeit cards and skimming fraud in the earliest stages.
All U.S. card-issuing ACCEL/Exchange Members currently participate in CardAlert. The 250 Canadian financial institutions that will be participating through ACCEL/Exchange are part of FICANEX, the exclusive licensor in Canada of all intellectual property associated with the operation of the ACCEL/Exchange Network.
"Exposure to fraud and the losses associated with counterfeit card crime plagues almost all financial institutions today," said Mike Williams, senior vice president of the ACCEL/Exchange Network. "That's why we are so pleased to be offering CardAlert as part of the superior value of ACCEL/Exchange to the financial institution Members of FICANEX, with whom we have enjoyed a successful partnership dating back two decades. We strongly believe in the powerful fraud detection capabilities of Fair Isaac's CardAlert service and its value in keeping consumer trust in the integrity and security of our services high."
"ACCEL/Exchange and CardAlert will help take the control of at-risk cards away from the fraudsters and put it back into the hands of our clients where it belongs," said Barbara Ciarniello, board chair of FICANEX. "We are confident that this participation will be very effective in preventing FICANEX clients from experiencing long-term, sustained losses due to fraud. This is more important now than ever, with skimming fraud on the rise."
CardAlert's patented process analyzes daily transaction activity across an EFT network or group of card issuers. The service identifies potentially fraudulent patterns that involve multiple cards from one or more financial institutions represented through CardAlert's EFT network clients. The CardAlert team then works with the card issuer to validate fraudulent or suspicious transactions that are used to identify common points-of-compromise at an ATM or POS location where skimming is likely to have occurred.