Doug Clare

I recently spoke with FICO’s Adam Davies about contextual intelligence, a new approach that banks, other financial institutions and telecommunications companies are embracing to prevent fraud and financial crimes. Contextual intelligence builds on the convergence of fraud and compliance systems, solving the essential question, “What answer, to what question, do I need…

As a fraud professional, you may feel as though your organization walks a tightrope, balancing minimal customer friction with maximum risk mitigation. The challenge is magnified in today’s fast-paced multi-channel environment, where, for example, a customer may be asked to verify a point-of-sale card transaction flagged as fraudulent, only to be forced to jump thr…

There are a growing number of decisioning platforms to choose from to combat fraud and financial crime. Many find making the right selection overwhelming, knowing that the choice made will have a lasting, monumental impact on their organization for years to come. So what exactly should you look for and who should you turn to for direction?  Well, this past Dec…

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…

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…