First Data is formally launching a threat intelligence tool it says helped financial institutions establish stronger fraud prevention programs and helped lead law enforcement to arrests related to two national breaches.
FirstSense's technology is designed to spot and prevent fraud as it happens. It will operate with First Data's fraud protection and transaction authorization engine, helping financial institutions identify payment cards at risk.
The collaboration has been in testing since 2016 and has already been successful in its pilot testing as banks and credit unions have been able to prioritize decision making based on the risk exposure level reported by FirstSense. First Data also cites measurable reductions in payment card fraud losses and reduction of false positives in fraud decisions.
In 2018, FirstSense has been first to notify compromised merchants of breaches affecting approximately 17.5 million payment cards.
And 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 employs proprietary data collection methods and advanced analytical tools to identify accounts at risk throughout the fraud life cycle. Integrated with First Data’s DefenseEdge fraud decisioning solution, FirstSense enables financial institutions to use indicators of risk exposure to create rules and strategies to prevent potential fraudulent transactions in real time.
“The best way to combat fraud is to prevent it before it even occurs,” said EJ Jackson, senior vice president and head of security and fraud solutions at First Data, in a Wednesday press release.
