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New Fraud Strategy Center brings expertise together with data to help clients

Fraud is everywhere, it seems. It has infiltrated bank accounts, credit card accounts, government agencies and businesses. Consumers have to use caution at the gas pumps, buying online, giving to charities, opening email and texts – even dating is not immune from fraud or scams.

And what’s at stake? The victim loses money, credit health and more. For the financial institution or business whose customer account was involved, there can be a loss of business and reputation.

The statistics are chilling. In the U.S. in 2022:

• $8.8 billion in consumer losses due to scams
• $43 billion in identity fraud losses
• $1.3 billion from romance scams involving nearly 70,000 people

Sources: Federal Trade Commission, “New FTC Data Show Consumers Reported Losing Nearly $8.8 Billion to Scams in 2022,” 2023; Javelin, “Identity Fraud Losses Totaled $43 Billion in 2022, Affecting 40 Million U.S. Adults,” 2023; Federal Trade Commission Consumer Protection Data Spotlight, February 2023
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Knowledge is key

What’s the best prevention for fraud? In a nutshell, it’s knowledge. Cautious consumers and businesses can avoid fraud to some extent. For financial institutions, issuers and merchants, insight from data analysis using the latest technology and expertise can pinpoint suspicious behavior to detect and prevent fraud before it happens.

At �����ƽ��, we take fraud very seriously on behalf of our organization and our clients.��

As the leading global issuer processer, global merchant acquirer and U.S. core account processing provider, we process hundreds of millions of deposit accounts and facilitate billions of payment transactions each year. This gives us access to large amounts of data which, when analyzed through machine learning, robotic process automation and other advanced technology, enables us to create a broad view of fraudulent activity. Machine learning helps distinguish between legitimate and fraudulent behaviors while adapting over time to new, previously unseen fraud tactics.

This expansive insight is on display at our Fraud Strategy Center within the Innovation Center on the Berkeley Heights, N.J. campus. The state-of-the-art facility is staffed by �����ƽ�� risk analysts who provide their expertise regarding where domestic and international fraud is currently taking place, and which financial institutions, issuers and merchants are affected.��

This data is used as the foundation for our payments and card fraud detection solutions. Additionally, the facility supports the important investigative work �����ƽ�� does with government and law enforcement agencies – ranging from finding missing children to aiding in homicide investigations.����

“The Fraud Strategy Center constantly monitors fraudulent activity across the �����ƽ�� Network. Fraud never rests – so �����ƽ�� never rests,” said Patrick Davie, Head of Banking Fraud and Risk Solutions, �����ƽ��. “We are always working on behalf of our clients to provide the best fraud prevention and detection available.”
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Fraud on the rise

Fraud attacks have accelerated as more consumers have increased their use of online channels. According to tracking performed for �����ƽ�� clients, in 2022 eCommerce accounted for more than 75% of all card fraud attempts – a 24% increase over the 2018 calendar year. This represented 83% of the total fraud dollars at risk.