In today’s payments industry, issuers are seeing increased rates of fraud, more fraudulent activity, and new types of attackers who move quickly across providers. Issuers are promptly adapting by updating their fraud strategies to limit their liability and protect their customers.
TSYS, in collaboration with Featurespace, developed TSYS Foresight Score to enable issuers to profile individual cardholder interactions in real-time, understanding risk even as underlying behaviors change. Based on advanced machine learning from Featurespace’s award-winning ARIC™ Risk Hub, Foresight Score models are trained on the issuers’ own data to detect anomalous behavior.
This new report from TSYS and Featurespace, “TSYS Foresight Score New Client Success”, describes how a North American card issuer and sub-prime lender operating a consumer portfolio with over 5 million authorizations a month reached out to TSYS when they realised their existing rules were just not keeping up with the heightened fraudulent activity.
Thanks to TSYS guidance, the client experienced a significant uplift in fraud detection just one week after a single additional rule on top of their existing real-time decline strategies was implemented. The single additional rule was based on the the issuer’s data used to train the TSYS Foresight model.
In times of increased fraud attacks, consumers want and deserve increased levels of financial security. Financial institutions that can outsmart risk and outpace criminals will always be ahead of the game.
Download the full version of the report here.Download Report