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 of the world's major technology solution providers in risk and compliance report, highlights the increase in banks and financial institutions spending on risk management systems - including fraud analytics. It discusses the need to deploy effective enterprise-wide solutions for fraud and financial crime management that can adapt to changing customer behaviour. The report also spotlighted the wide adoption of AI and machine-learning across the finance sector.
Enterprise fraud management refers to programs that offer fraud protection capabilities across all customers, accounts, products, and channels – across the customer lifecycle. At FICO, we are increasingly seeing organizations consolidate their fraud management programs onto an integrated platform, with the goal of enabling better, coordinated decisions that utilize the right data, at the right time.
FICO offers proven enterprise fraud and financial crimes management solutions. We stop payments fraud in real time across retail banking and consumer lending. We offer robust customer identity management capabilities – including identity proofing and biometric authentication. We provide comprehensive anti-financial crime technology including KYC, AML, and sanctions screening. Our machine learning analytics for fraud are built on the foundation of the world’s largest consortium of payments data – and our capabilities are delivered on a highly configurable platform that scales to achieve superior performance in time-sensitive events.
Now in its 15th year, the Chartis RiskTech 100 reflects the assessment of independent analysts who conduct extensive research into market trends, expenditure patterns, best practices, and vendors. The top 100 technology vendors are rank-ordered, and the report also highlights a range of Category Leaders based on excellence in a number of relevant domains.
I couldn’t be more proud of the work we do at FICO, and of the validation of this work by in the 2021 Chartis RiskTech100 report.
To hear more about my thoughts on fraud and financial crimes, follow me on Twitter @dougoclare.