Fiserv, Inc. (NASDAQ: FISV), the leading global provider of financial services technology solutions, today announced that its Risk OfficeSM credit and debit card investigative and consultative service experienced a 400 percent increase in new clients in 2009. 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.
âWe were experiencing losses that resulted from another vendor's security breach,â said Rodney Lanham, vice president, Information Technology and Data Processing of Farmers National Bank with more than $1 billion in assets. âWe worked closely with Fiserv to set up
our subscription to Risk Office and were up-and-running quickly to stop the bleeding. Weâve found that Risk Office recommendations are supported by fact and professional experience. Itâs been a real pleasure to work with the Risk Office professionals and we truly appreciate their insights.â
Risk Office from Fiserv takes action on a clientâs behalf and helps them swiftly mitigate risk. âThe Risk Office team becomes our clientsâ virtual office and augments their existing risk management staff,â said JB Rambaud, chief security and risk officer for EFT Solutions at Fiserv. âWe proactively monitor cases and help them solve fraud issues when they need the most help.â
Clients are seeing impressive results, and Fiserv expects considerable Risk Office enrollment in 2010. âFinancial institutions that enroll in the Risk Office have seen their fraud loss reduced by approximately 30 percent on average,â said Rambaud. âOur clients have
experienced an average improvement of almost 50 percent in their Fraud Loss Ratio. The tangible results weâre delivering to clients are a great indicator that weâll continue to see a triple digit growth rate for our service in 2010.â
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.
Merchants Bank, with an asset size of $1.3 billion, is a Risk Office proponent. âWe recently received our annual report from the Risk Office and our fraud activity was significantly lower in 2009 â we estimate weâve saved approximately $120,000 in possible fraud losses,â said Barbara Toof, vice president and deposit operations manager. âThatâs critically important because weâre a small institution where people wear a lot of hats. We canât dedicate fulltime staff to look at where fraud is coming from, so working with the Risk Office gives us a significant advantage, and pays for itself in cutting losses and preserving our good reputation.â
âI wish we had enrolled in the Risk Office sooner,â said Ginny Foster, financial services specialist of Appalachian Community Federal Credit Union ($110 million in assets). âDiscussing our fraud cases and trends with the Risk Office team is invaluable in helping
my credit union decide on the specific direction and actions weâre going to take.â