First Data’s FirstSense™ Leverages Threat Intelligence and Analytics to Help Financial Institutions Proactively Tackle Fr...
September 26 2018 - 6:45AM
Business Wire
FirstSense uses the industry’s most robust data
sets to identify at-risk accounts across all card brands
Integrated with DefenseEdge®, FirstSense
combines dark web intelligence with real-time authorization
decisions
Strengthens First Data’s position as market
leader in security and fraud solutions
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
DefenseEdgeTM 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180926005221/en/
Andrea DuffyFirst Data646-984-0240Andrea.Duffy@firstdata.com
First Data (NYSE:FDC)
Historical Stock Chart
From Mar 2024 to Apr 2024
First Data (NYSE:FDC)
Historical Stock Chart
From Apr 2023 to Apr 2024