Fiserv, Inc., the provider of financial services technology solutions, announced that its Risk OfficeSM credit and debit card investigative and consultative service experienced a 400 percent increase in new clients in 2009. Risk Office from Fiserv provides clients with expert direction and optimal risk management services designed to protect, detect and respond to their credit and debit fraud risk exposure.
We were experiencing losses that resulted from another vendor’s security breach, says Rodney Lanham, vice president, Information Technology and Data Processing of Farmers National Bank with more than $1 billion in assets. We worked closely with Fiserv to set upour subscription to Risk Office and were up-and-running quickly to stop the bleeding. Weve found that Risk Office recommendations are supported by fact and professional experience. Its been a real pleasure to work with the Risk Office professionals and we truly appreciate their insights.
Risk Office from Fiserv takes action on a clients behalf and helps them swiftly mitigate risk. The Risk Office team becomes our clients virtual office and augments their existing risk management staff, says JB Rambaud, chief security and risk officer for EFT Solutions at Fiserv. We proactively monitor cases and help them solve fraud issues when they need the most help.
Risk Office clients have access to comprehensive insight and support from Fiserv, including investigative services, consultative services, monitoring and reporting services, rule management services, hot carding support services and an annual risk assessment.
Merchants Bank, with an asset size of $1.3 billion, is a Risk Office proponent. We recently received our annual report from the Risk Office and our fraud activity was significantly lower in 2009 we estimate weve saved approximately $120,000 in possible fraud losses, says Barbara Toof, vice president and deposit operations manager. Thats critically important because were a small institution where people wear a lot of hats. We cant dedicate fulltime staff to look at where fraud is coming from, so working with the Risk Office gives us a significant advantage, and pays for itself in cutting losses and preserving our good reputation.
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