Product Overview: FraudNet by Fiserv
Introduction
FraudNet by Fiserv is a comprehensive and advanced fraud detection and prevention solution designed to protect financial institutions and their customers from various types of payment fraud. This turnkey online payments antifraud solution is engineered to analyze transactions in real-time, identify instances of fraud, and prevent fraudulent activities without disrupting the consumer’s digital payment experience.
Key Features and Functionality
Real-Time Fraud Detection
FraudNet analyzes payment transactions in real-time to detect and prevent fraudulent activities. It employs advanced analytics, behavioral rules, negative files, IP geolocation, and statistical models to generate a fraud score for each transaction, allowing for immediate action to accept, reject, or send the payment for review.
Collective Fraud Intelligence
One of the standout features of FraudNet is its network of over 2,700 member institutions that anonymously share fraud data. This collective intelligence enables the system to grow exponentially smarter with every data point shared, enhancing its ability to identify and prevent fraud.
Multilayered Fraud Prevention
FraudNet protects against a wide range of fraudulent transactions, including those originating from Trojan horses, man-in-the-middle, man-in-the-browser, boy-in-the-browser, third-party receiver of funds, electronic kiting, and phishing attacks. It utilizes multifactor authentication for high-risk transactions and other techniques like positive pay and debit blocks to limit the transactional use of accounts.
Compliance with Regulatory Guidelines
FraudNet is designed to help financial institutions maintain compliance with Federal Financial Institutions Examination Council (FFIEC) guidelines. It includes fraud detection and monitoring systems that consider customer history and behavior, enabling a timely and effective institutional response.
Enhanced Controls and Monitoring
The solution includes enhanced controls over account activities such as transaction value thresholds, payment recipients, number of transactions allowed per day, and allowable payment windows. It also uses IP reputation-based tools to block connections from IP addresses known or suspected to be associated with fraudulent activities.
Case Management and Efficiency
FraudNet offers efficient case management tools for investigating and resolving suspected fraud cases. By reducing false positives and streamlining the analysis process, it helps internal fraud teams focus on addressing truly fraudulent activities rather than responding to false alarms.
Benefits
- Effective Fraud Prevention: FraudNet has a proven track record of stopping fraudulent transactions, with over $416 million in fraudulent payments stopped and a 99% fraud effectiveness rate.
- Compliance and Reputation: It helps maintain compliance with regulatory guidelines and protects the institution’s reputation by preventing fraud and ensuring customer confidence.
- Scalability and Collective Intelligence: The solution is scalable and benefits from the collective intelligence of its extensive network of member institutions, making it more effective over time.
- Seamless Customer Experience: FraudNet operates transparently to consumers, ensuring that the digital payment experience is not compromised while maintaining robust fraud prevention measures.
In summary, FraudNet by Fiserv is a powerful and comprehensive fraud detection and prevention solution that leverages advanced analytics, collective intelligence, and real-time monitoring to protect financial institutions and their customers from various types of payment fraud.