Source: Fair Isaac
Fair Isaac Corporation (NYSE:FIC), the leading provider of analytics and decision technology, today announced new agreements with Fiserv EFT and Alaska Option Network to utilize Fair Isaac's CardAlert Fraud Manager for early identification and reporting of suspected counterfeit card and skimming fraud.
Fair Isaac's CardAlert service is the leading solution for fighting PIN debit and ATM fraud. It now protects more than 10,000 U.S. financial institutions against counterfeit fraud, including all of the top 25 banks and three out of the top five ATM networks. The service combines powerful predictive analytic software with investigative techniques to help organizations spot counterfeit cards and skimming fraud in the earliest stages.
The agreement with Fiserv EFT builds on an existing relationship. Through its ACCEL/Exchange Network, Fiserv EFT offers CardAlert Fraud Manager as an add-on service, providing card issuers with an improved ability to minimize fraud losses through real-time detection of fraudulent card transactions. The payments services provider already provides Fair Isaac's market-leading payment card fraud detection system, Falcon Fraud Manager, as part of its processing services.
"Fiserv EFT has successfully used Fair Isaac's Falcon Fraud Manager to detect and prevent payment card fraud for several years," said Mike Williams, Senior Vice President, ACCEL/Exchange at Fiserv EFT. "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."
Alaska Option Network is a full-service electronic funds transfer (EFT) network offering automated teller machine (ATM) and point-of-sale (POS) transaction switching and settlement services to financial institutions in Alaska, Hawaii and the Pacific Northwest.
"With skimming fraud on the rise, we want to protect our network participants with Fair Isaac's CardAlert Fraud Manager as a value-added service," said Linda Moneymaker, vice president at Alaska Option. "Our combined resources will greatly assist our customer financial institutions in the detection of certain fraud schemes."
The CardAlert service identifies and reports counterfeit payment cards to issuers before the majority of them incur fraud losses. Operating in an ASP environment, the service analyzes daily transactions across multiple financial institutions via EFT Network feeds. This data is used to pinpoint multi-card fraud and identify common points of purchase. In doing so, large inventories of counterfeit cards are isolated and reported to appropriate issuers prior to suffering fraudulent authorization attempts.
"CardAlert Fraud Manager has an excellent reputation for performance with thousands of financial institutions and law enforcement agencies," said Sonja Schindeler, vice president of Global Fraud Solutions at Fair Isaac. "The system takes the control of at-risk cards away from criminals and places it back into the hands of our clients. It's a privilege to be working with each of these organizations. Their participation enhances the scope of data CardAlert analyzes, which improves the counterfeit debit card fraud protection we provide to the industry."
As an add-on service, CardAlert Fraud Manager identifies transactions with characteristics associated with ATM deposit fraud, and reports this information immediately to customer financial institutions for action. Early discovery of this fraud prevents possible long-term, sustained losses.