Doug Clare

With an estimated 18.7 million coins in circulation, the overall market value of Bitcoin is about $1.1 trillion—too big for banks to ignore. In March of this year, Citigroup said, in a 108-page report on the topic, that bitcoin “may be optimally positioned to become the preferred currency for global trade.” Last month, too, JPMorgan Chase launched a structure note off…

Rome wasn’t built in a day. And neither was the FICO^® Falcon^® Intelligence Network, the industry’s richest repository of legitimate and fraudulent payment data. But unlike crumbling ancient Roman ruins, the Falcon Intelligence Network, FICO’s fraud consortium, is stronger and more vital today than ever. Its detailed consortium data is not only one of FICO’s secret wea…

Customer identity management is a term that is subject to a number of definitions.  I will define it here for financial services and regulated companies as the business strategy and processes by which an organization establishes who a customer is and ensures that activity on their accounts is carried out by them. The goal of CIM is to meet regulatory rules and…

It’s an understatement to say that we are living is a very different world than a year ago. Many predictions made last January have come true, but for reasons we never could have imagined. It is true that the pandemic has accelerated the majority of digital trends and challenges this past year; I believe the “COVID effect” will persist strongly into 2021, which brings…

It’s been more than 20 years since “The End of Software” was declared in 1999. Since then, cloud software delivery best practices have evolved to reach the bullet-proof performance and security levels that financial institutions require of production applications — exactly what cloud-based FICO delivers, and more. FICO’s Vision for a Data-Rich Future With the FI…

I’m delighted to announce that FICO has been named as the Category Leader for Financial Crime - Enterprise Fraud in the recently published 2021 Chartis RiskTech 100. Additionally, FICO was recognized as one of the top six overall risk management technology vendors and won Category Leader for AI Applications. This year’s Chartis RiskTech 100, a comprehensive study o…

As many of us who have long been in the industry know, fraud remains a top challenge for debit cards. In 2019 issuers faced $4.2 billion in gross (attempted) debit card fraud and ultimately incurred losses of over $1 billion on debit and ATM transactions; the need for an effective solution to this problem has never been greater. That’s why FICO and PULSE - a Discov…

I am always glad to see headlines like this one, which ran last summer in The New York Times: “How to Reduce Credit Card Fraud.” But a few minutes into it, I was disappointed by some of the misinformation in the article: “I learned two things from discussing my experience with fraud experts: Even if you’re careful, your credit card information will probably be st…

Cyber risk is a threat to every modern business, and those risks present themselves both directly and throughout organizations' extended supply chains. Those risks can impact companies, their customers, their supply chain partners, and their investors.  At FICO, we built our industry-leading FICO Cyber Risk Score to help organizations in their efforts to measure,…

There’s one fraud pattern that’s highly predictable: when the economy goes down, fraud goes up. When it comes to fraud and COVID-19, the Great Recession of 2008 provides some important lessons that can help banks and consumers protect themselves against the increased risk. A Resurgence of Specific Fraud Types In 2008, many banks experienced sharp increases in fr…

The market for cyber insurance continues to gain momentum. A 2019 Allianz survey of risk management experts across 86 countries ranked cyber incidents as the biggest single point of risk for an organization, thus highlighting the need for an effective insurance policy to transfer risk from potentially damaging effects of a cyber-attack.  It seems daily, a new hig…

By now, you probably don’t give a second thought to unlocking your smartphone with biometrics such as a fingerprint or facial scan — even though the latter wowed the world when it debuted in 2017. As consumers, most of us still consider facial recognition the current state of the art for authentication. But soon your voice and the rest of your fingers will be involved…