Fiserv Sees Enrollment in Risk Office Double in 2010
• Increase of 109 percent in new clients since the beginning of 2010
• Risk Office clients have seen their fraud loss reduced by 30 percent on average
• Fraud Loss Ratio improvement of almost 50 percent for many Risk Office clients
Fiserv, Inc. (NASDAQ: FISV), the leading global provider of financial services technology solutions, announced today that its Risk Office(SM) credit and debit card investigative and consultative service experienced a 109 percent increase in new clients in 2010. Risk Office from Fiserv provides clients with expert direction and optimal risk management services designed to protect, detect and respond to their credit and debit fraud risk exposure. As a virtual extension of a financial institution’s risk team, clients can communicate directly with expert fraud analysts to receive real-time, support in identifying root causes of fraud as they arise to help determine the best solutions and strategies to mitigate their exposure.
Financial institutions that enroll in the Risk Office have seen their fraud loss reduced by approximately 30 percent on average. Clients have also reported an average improvement of almost 50 percent in their fraud loss ratio compared to the national fraud loss average.
“We have reduced our losses by an average of 57 percent a month since we implemented Risk Office in August 2010,” said Karen Moore, vice president, card operations with Broadway Bank, a San Antonio, Texas-based institution with more than $2 billion in assets. “Our Risk Office analyst stays in touch with us several times a week to keep us informed of issues, which allows us to be more pro-active and to eliminate the possibility of losses by writing real-time rules or enhancing our existing rules.”
Risk Office clients have access to comprehensive insight and support from Fiserv, including investigative services, consultative services, monitoring and reporting services, rule management services, hot carding support services and an annual risk assessment. Risk Office from Fiserv takes action on a client’s behalf and helps them swiftly mitigate risk. The Risk Office team proactively monitors cases and helps clients solve fraud issues quickly and resolutely, minimizing loss.
“As a multi-bank holding company that consists of twelve banks with more than 90 branches, the Risk Office and the full Fiserv risk product suite has helped us save more than $100,000 in fraud losses in just a few months,” said Debbie Barnes, senior risk management officer, Metropolitan Bank Group. “Although our portfolio is complex, the functionality of Risk Office makes it simple to proactively detect and respond to threats.”
Metropolitan Bank Group implemented the full suite of Card Services risk solutions which include Risk Office, EnFact(SM) Case Management with Real-Time, CaseTracker, TranBlocker, and CardTracker that together provide extensive fraud protection to provide the assurance that every reasonable precaution has been taken.
View other announcements from Fiserv
Fiserv Acquires the Assets of PCLender
Solutions enhance the Fiserv suite of mortgage origination services Fiserv, Inc. (NASDAQ:FISV), a leading global provider of financial serv...
Fiserv Adds Digital Retirement Planning Solution t...
Single platform strategy unites retirement planning and wealth management Fiserv, Inc. (NASDAQ: FISV), a leading global provider of financi...
Fiserv and Startup GoldBean to Help Financial Inst...
GoldBean is a graduate of INV Fintech accelerator launched by Bank Innovation and Fiserv Fiserv, Inc. (NASDAQ: FISV), a leading global prov...