The new consumer authentication solutions offer step-up authentication and identity verification. Step-up authentication expands beyond knowledge-based consumer authentication, using a five-digit code via text or email valid only during the call.
Identity verification provides real-time analysis that triggers protective actions to help mitigate account takeover, evaluating high-risk cardholder behaviour within the interactive voice response (IVR) system. Layered, multi-factor authentication establishes the identity of the caller and passes information downstream to other fraud applications.
According to the company’s press release, hundreds of Fiserv clients participated in the initial five-month step-up authentication pilot, which has seen more than USD 2 million in fraud savings due to enhanced customer authentication. Identity verification, released to Fiserv clients in the second quarter of 2018, successfully identified a subset of calls to be fraudulent.
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