- Empower consumers to protect themselves
More than almost anything, financial fraud and identity theft are what consumers worry about most. Consumers expect their financial services providers to protect them from fraud and account compromise, every day. That protection can be part of an outstanding, and engaging, customer experience.
FICO® is a leader in providing innovative solutions that allow your consumers to participate in their own defense against fraud. When interacting with your institution via a smartphone app or streamlined text messaging, customers’ engagement grows, along with their peace of mind.
- Take the opportunity to proactively stop fraud
Whether its credit card fraud, loan application fraud or identity theft, all application fraud presents the only chance institutions have to keep fraudsters off the books. But with the introduction of EMV card technology, this fraud type expected to grow more than 300% in the US alone, putting customers and institutions at risk.
Finding fraudulent applications continues to be a difficult challenge. FICO® dramatically accelerates discovery with solutions that incorporate entity resolution and social network analysis. These FICO solutions pinpoint connections among a large, diverse group of applicants, to stop fraud before it starts.
- Today’s data breach is tomorrow’s fraud
Data breaches have become a fact of life for businesses around the world. In 2015 alone more than 700 reported, likely the tip of a much larger iceberg. These breaches expose sensitive customer information, and the details become a vehicle for criminals to perpetrate many types of fraud.
Early detection of breaches is a must. FICO® Cyber Solutions offer a unique value proposition: a highly effective approach to enterprise data security based on the predictive power of real-time streaming analytic technology. With FICO you can detect breaches in real-time, instead of weeks or months after, reducing downstream fraud risk.
- Prepare for new fraud patterns
In every region it’s introduced, EMV payment card technology typically reduces card-present fraud. But fraud doesn’t stop; instead, criminals flock to new fraud types like card not present (CNP) and application fraud. In the US, fraudulent e-commerce transactions are expected to nearly double from $10 million in 2014 to almost $19 billion in 2018.
The FICO® Falcon® Platform allows institutions to detect more CNP fraud by offering a holistic view of customer financial behaviors. A modular solution, it lets banks monitor activity across all payment types, including mobile and ecommerce, as well as deposit accounts.
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