First Data’s FirstSense™ Leverages Threat Intelligence and Analytics to Help Financial Institutions Proactively Tackle Fraud
NEW YORK--(BUSINESS WIRE)--Sep 26, 2018--First Data (NYSE: FDC), a global leader in commerce-enabling technology, today announced the launch of FirstSense, a comprehensive solution that integrates threat intelligence with First Data’s fraud detection and transaction authorization engine, enabling financial institutions to identify payment cards at risk and prevent fraud before it happens.
Growing at nearly 40 percent annually, the dark web is approaching a $100 billion industry – and the fraudsters driving that growth are becoming more sophisticated and successful in their attacks. With threats coming from regions that lack enforcement and even sponsor their illicit activity, financial institutions are often left defenseless to one of their fastest growing threats.
FirstSense employs a variety of proprietary data collection methods and advanced analytical tools to identify accounts at risk throughout the fraud lifecycle. Integrated with First Data’s DefenseEdge TM fraud decisioning solution, FirstSense enables financial institutions to use indicators of risk exposure to create rules and strategies that allow institutions the ability to prevent potential fraudulent transactions in real time. This seamless integration sets FirstSense apart from stand-alone threat intelligence solutions.
“With FirstSense, First Data is giving our financial institution partners an unparalleled line of defense as they aim to keep their customers’ data safe and secure,” said EJ Jackson, Senior Vice President, Head of Security and Fraud Solutions at First Data. “The best way to combat fraud is to prevent it before it even occurs.”
Initially introduced in 2016, FirstSense has been successful in the market for two years. Banks and credit unions using FirstSense have reported:Satisfaction in their ability to prioritize decision making based on the risk exposure level reported by FirstSense Measurable reductions in payment card fraud losses Significant reduction of false positives in fraud decisions thereby reducing friction in the customer experience
Earlier this year the FirstSense team was acknowledged by federal law enforcement for providing key intelligence related to two national breaches that led to arrests of leaders of the FIN7 cybercriminal group, also known as the Carbanak Group.
“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,” said Pete Cavicchia, Deputy Chief Administrative Officer at First Data. “Together, FirstSense and the team driving it are delivering a highly-differentiated service.”
Year to date, FirstSense has been first to notify compromised merchants of breaches affecting approximately 17.5 million payment cards.
FirstSense is a core component of First Data’s robust suite of security and fraud solutions, which present a layered approach designed to protect merchants, banks and consumers before, during and after potential data breaches.
About First Data
First Data (NYSE: FDC) is a global leader in commerce-enabling technology and solutions, serving approximately six million business locations and 4,000 financial institutions in more than 100 countries around the world. The Company’s 22,000 owner-associates are dedicated to helping companies, from start-ups to the world’s largest corporations, conduct commerce every day by securing and processing more than 3,000 transactions per second and $2.4 trillion per year. For more information, visit www.firstdata.com and follow us on Twitter at @FirstData.
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CONTACT: Andrea Duffy
KEYWORD: UNITED STATES NORTH AMERICA NEW YORK
INDUSTRY KEYWORD: TECHNOLOGY DATA MANAGEMENT SOFTWARE SECURITY PROFESSIONAL SERVICES FINANCE
SOURCE: First Data
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PUB: 09/26/2018 06:45 AM/DISC: 09/26/2018 06:45 AM