FICO Platform for Enterprise Fraud Management Gives Businesses of Any Size a Low-Cost Way to Stop More Fraud - WDRB 41 Louisville News

FICO Platform for Enterprise Fraud Management Gives Businesses of Any Size a Low-Cost Way to Stop More Fraud

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SOURCE FICO

SAN JOSE, Calif., Aug. 26, 2014 /PRNewswire/ -- FICO (NYSE:FICO), a leading predictive analytics and decision management software company, today announced the availability of the FICO® Falcon® Platform for enterprise fraud management. The FICO Falcon Platform gives institutions and their customers real-time protection from fraud across multiple payment channels, products and services.

FICO Corporate logo.

The FICO Falcon Platform puts the company's industry-leading FICO® Falcon® Fraud Manager technology at the heart of a modular, flexible approach to enterprise fraud protection. Smaller institutions can begin with a rules-based system for detecting transaction fraud in real time and managing suspected fraud cases. Because of the platform's support for such open source technologies as Linux, start-up infrastructure costs can be as little as 1/10th what it has traditionally taken to deploy FICO Falcon Fraud Manager.

"With the Falcon Platform, we believe we are offering businesses the most powerful rules-based solution for fraud detection, as well as the easiest way to move to full analytic protection across multiple transactional channels," said TJ Horan, vice president of fraud solutions for FICO. "The flexible approach makes the platform more affordable for smaller credit grantors, but it gives our customers an easy way to expand protection as their needs evolve."

For larger credit grantors and current Falcon Fraud Manager clients, the FICO Falcon Platform can substantially reduce the cost of expanding portfolios or extending protection to new products or channels. A credit grantor can systematically add connected levels of protection by deploying fraud analytic modules specifically developed to detect fraud in targeted channels, including checking / current accounts, e-payments, mobile payments and payment cards. FICO estimates the platform's flexible architecture could reduce clients' fraud protection costs by as much as 75 percent.

"Most enterprises today rely on a collection of discrete point systems to protect their bottom line and their customers from fraud," said Horan. "This is not only a costly approach, it leaves some channels and products less protected than others. At the same time, the 'monolithic,' one-size-fits-all enterprise fraud system has been rejected by the market. Banks and other credit grantors want to adopt a scalable, customer-centric approach to fraud detection that works across all portfolios within the enterprise. We've taken the market's most advanced anti-fraud system and adapted it to this challenge."

The platform's fraud detection and case management capabilities can be extended with add-on software modules that further reduce the impact of fraud on customers. Many banks are now using FICO software to automatically contact customers on their mobile phone or preferred devices to resolve suspicious transactions instantly. FICO also offers solutions for stopping first-party and third-party application fraud as well as bust-out fraud, using social link analysis. Data management extensions expand the system's ability to accept and monitor data from outside systems in real time.

FICO recently integrated technology from 41st Parameter to improve the FICO Falcon Platform's ability to detect card-not-present fraud, and allow genuine transactions to go through without being blocked.

About FICO
FICO (NYSE: FICO) is a leading analytics software company, helping businesses in 90+ countries make better decisions that drive higher levels of growth, profitability and customer satisfaction. The company's groundbreaking use of Big Data and mathematical algorithms to predict consumer behavior has transformed entire industries. FICO provides analytics software and tools used across multiple industries to manage risk, fight fraud, build more profitable customer relationships, optimize operations and meet strict government regulations. Many of our products reach industry-wide adoption. These include the FICO® Score, the standard measure of consumer credit risk in the United States. FICO solutions leverage open-source standards and cloud computing to maximize flexibility, speed deployment and reduce costs. The company also helps millions of people manage their personal credit health. FICO: Make every decision count. Learn more at www.fico.com.

For FICO news and media resources, visit www.fico.com/news.

FICO, Falcon and "Make every decision count" are trademarks or registered trademarks of Fair Isaac Corporation in the United States and in other countries.

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