First Data Corporation recently launched FirstSense — a fraud identification and prevention solution — which is integrated with the company’s DefenseEdge fraud decisioning solution.

FirstSense combine’s First Data’s fraud detection and transaction authorization engine with threat intelligence, thus allowing financial institutions to recognize at-risk accounts across card brands and prevent fraud.

FirstSense’s advanced analytical tools and data collection methods aid identification of accounts at risk. DefenseEdge enables usage of risk exposure indicators to prevent potential fraudulent transactions in real time.

EJ Jackson, senior vice president, head of security and fraud solutions at First Data, said that “with FirstSense, First Data is giving our financial institution partners an unparalleled line of defense as they aim to keep their customers' data safe and secure.”

FirstSense Supports First Data’s Security & Fraud Solutions Suite

FirstSense is expected to boost First Data’s security and fraud solutions suite, thus benefiting the company’s Network & Security Solutions segment. In the last reported quarter, this segment generated revenues of $371 million, down 3% year over year. However, it benefited from 1% year-over-year growth at Security and Fraud Solutions.

By offering a comprehensive identification and prevention solution, the company seems to be trying to keep itself ahead of its competitors like TransUnion (TRU Quick QuoteTRU - Free Report) , Verisk (VRSK Quick QuoteVRSK - Free Report) and Equifax (EFX Quick QuoteEFX - Free Report) , who have similar offerings.

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