Financial technology solutions provider, Fiserv has introduced two new consumer authentication services to reduce card fraud within call centres.

The new step-up authentication and identity verification solutions will protect personal dathe ta of the cardholder. This would block it from exposure and prevent account takeover.

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Step-up authentication involves a five-digit code. That code passes through text or email and is valid only during the call.

During a five-month pilot, step-up achieved more than $2m in terms of fraud savings due to improved customer authentication.

Meanwhile, the identity verification solution delivers real-time analysis, which triggers protection to help decrease account takeover.

This authentication works by assessing high-risk cardholder behaviour within the interactive voice response (IVR) system.

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Such a multi-factor process determines the caller’s identity and pass down information to other fraud applications.

When tested with Fiserv clients, identity verification was able to detect a subset of fraudulent calls.

Fiserv vice-president for product strategy and card services Patrick Davie said: “Personally identifiable information has become easier to find and exploit online due to the ubiquity of social media, and call centre fraud has been increasing each year.

“With these two solutions, fraud exposure for financial institutions can be reduced, cardholders’ personal data is safeguarded and account takeover is prevented before transactions at the point of sale occur.”

Last year, overall fraud recorded $16.8bn in total, the highest over the past three years. Account takeover losses in the US have tripled from 2016 to last year reaching $5.1bn.