How do you fight the changing tactics criminals use to defraud customers? The only way is to innovate, learn and adapt. That is how UBS Card Center, which processes some 25% of card transactions in Switzerland, keeps fraud rates down and cardholders happy. And for the past 20 years, UBS have been using the FICO^® Falcon^® Platform and working in partnership with fraud e…

One of the hottest hot beds of innovation is artificial intelligence to combat financial crime, fraud and cyber risks while helping financial services organizations comply with security, privacy and data protection regulations. An immense amount of R&D investment is being focused in this area, producing a stream of new products. With so much activity by so many…

The Contingent Reimbursement Model is a UK payments industry initiative designed to compensate victims of authorised push payment fraud (APP fraud). Over the past few years, there has been a steady stream of reports of APP fraud — this is where fraudsters use social engineering techniques to trick people or representatives of businesses to send money to them. UK Finan…

Recently banks have hit the headlines both for failing to detect money laundering and for freezing the accounts of legitimate customers when money laundering is suspected. Given that sometimes a financial institution can have both problems, it’s not simply a matter of lifting or lowering their thresholds for suspicion. Banks are treading a fine line – if they are o…

At FICO, we have the privilege of working with the smartest, most innovative folks in the financial industry on the thorniest, most complex problems facing the industry. This work is challenging, rewarding, and frequently filled with fascinating conversations. For your benefit, we will periodically reproduce these conversations in FICO blog posts. Today’s post…

In their natural habitat, elephants rule because they’re smart, strong and fast. But they don’t dance. In today’s digital transformation, real-time payments environment, big banks are the elephants ­– large and formidable, but not especially known for being nimble. But can elephants, in fact, dance? Modern business history contains numerous examples of large organi…