Since the previous quarter, small U.S. firms showed a slight improvement in cybersecurity risk —up to 740 from 737 — while large firms fell from 646 to 643.[Read More]
While issuers have already started the actions prescribed by the FCA's persistent debt regulations, there is still a sizeable amount of work to complete and opportunities to be identified. [Read More]
April is National Financial Literacy Month. Understanding credit is an important part of financial literacy, but how well do consumers understand the credit, credit scoring, and lending practices? myFICO conducted a consumer quiz to find out.[Read More]
Since the previous quarter, small U.S. firms showed a slight improvement in cybersecurity risk —up to 740 from 737 — while large firms fell from 646 to 643.
While issuers have already started the actions prescribed by the FCA's persistent debt regulations, there is still a sizeable amount of work to complete and opportunities to be identified.
April is National Financial Literacy Month. Understanding credit is an important part of financial literacy, but how well do consumers understand the FICO® Score – what factors make up the Score and how they’re used by lenders? myFICO recently conducted a FICO Score-related quiz with myFICO members as well as a random group of people to see how well individuals know about credit, credit scoring, and lending practices. Does regular consumer access to FICO Scores influence financial knowledge? While participants from both groups answered many questions correctly, the myFICO responders had a higher average score (80%) for correct answers compared to an average score of 60% with the random group. But about 40% of both groups missed the question on what information in a credit report typically has the greatest impact on a FICO®Score To learn more about the results of the survey, check out Tom Quinn’s blog at https://blog.myfico.com/quiz-results-understanding-of-fico-scores.
Medscheme created a modern decision platform for its Medical Aid Administration business, which reviews some 400,000 claim lines per day.
Almost three in four banks in Asia Pacific anticipate that fraud in their country will increase in 2019, according to a recent poll by FICO. Of specific concern are transactions completed when neither the card nor the cardholder is physically present (card-not-present or CNP fraud), as well as cards taken out by criminals under false identities (application fraud). These were identified as the two key concerns, as well as the biggest challenges to stopping fraud in 2019. “The volume and velocity of transactions is growing in Asia,” said Dan McConaghy, president of FICO in Asia Pacific. “Over 50 percent of global online retail sales in 2018 originated from the region. This growth in ecommerce along with the efforts of banks to digitize more services has seen a change in fraud risk. Dealing with an ocean of transactions means that AI and machine learning are essential when it comes to detecting... [Read More]
Chartis Research has named FICO a category leader in the AI in Financial Services, 2019; Market and Vendor Landscape. FICO was named a category leader in both AI analytics and packaged AI applications.
Based on the observations of thousands of businesses scored for the ABC, FICO and the Chamber offer six recommendations for cyber risk management that can help organizations improve their security posture and better protect sensitive data.
Data is being used to improve all aspects of a consumer’s life in our increasingly digital world. eCommerce companies use data for a number of purposes, such as to personalize the experience of users across mobile apps and the web, suggest purchases and make it easier to find high-intent products. Retail stores use location data to drive consumers to local stores and restaurants and is even used in the store to better design its layout and available inventory. With the emergence of consumer-permissioned data in the financial services ecosystem we are beginning to see similar impact. Consumers’ ability to access and control their financial data is providing them with greater utility and benefit than ever before. Along with this comes expectations of better experiences, on-demand access and deeper insights. The good news is that consumer-permissioned data is providing the industry a platform for further innovation. Even now, at the tap of... [Read More]
I’ve found that the banks that see the best return on their customer acquisition investments tend to be the ones that have also invested appropriately in their collections capabilities
Despite advancements in safety technology, road fatalities are on the rise. Per the National Highway Traffic Safety Administration, human error accounts for 94% of crashes. FICO, along with global risk management leader, eDriving, firmly believes that proper education and reinforcement of safe driving behaviors can help make roads safer and potentially save lives, including for fleet drivers of all types of vehicles, driving for varied work purposes in all types of conditions, and others. Pertinent data and prudent application of predictive analytics can provide insights into helping identify and reinforce safe driving behaviors. FICO launched the FICO® Safe Driving Score in partnership with eDriving’s smartphone application, MentorSM in October 2016. Since then, the underlying model and application have both been fine tuned to the specific needs and requirements of Fleet Safety Management programs and adopted by global industry leaders with fleets of tens of thousands of drivers in service, delivery,... [Read More]