First Data has launched FirstSense. It enables financial institutions to identify at-risk accounts across all card brands and prevent fraud.
The newly launched platform combines threat intelligence with the company’s fraud detection and transaction authorisation engine. It uses various data collection techniques and advanced analytical tools to identify accounts that are at risk.
Building a strong defence
Combining the company’s DefenseEdge fraud decisioning solution and FirstSense will allow financial institutions to use risk exposure indicators to create rules and strategies as well as prevent potential fraud in real-time.
First Data head of security and fraud solutions EJ Jackson said: “With FirstSense, First Data is giving our financial institution partners an unparalleled line of defence as they aim to keep their customers’ data safe and secure. The best way to combat fraud is to prevent it before it even occurs.”
FirstSense was introduced in 2016 for certain banks and credit unions. The solution is said to have demonstrated measurable decrease in payment card fraud losses and false positives in fraud decisions.
So far, FirstSense has reportedly notified compromised merchants of breaches involving a total of around 17.5 million payment cards.
Also, First Data deputy chief administrative officer Pete Cavicchia said: “FirstSense was developed by First Data’s Fraud and Cyber Security teams and is a comprehensive fusion of industry-leading product development and innovative techniques that keep the payments ecosystem safe and secure.”