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FICO today unveiled several solution upgrades that will help banks, lenders, fintechs and other institutions fight fraud and financial crime. These solutions bring unparalleled efficiency and machine learning capabilities to fraud, risk and compliance professionals. “We’re giving our customers new tools across the spectrum of our fraud and financial crime portfolio…

Just three short weeks ago during FICO World 2018, I had the opportunity to chair a panel of esteemed fraud practitioners to discuss Global Fraud Trends & Risk Control Imperatives. One of the questions I asked was: What’s behind the rise in application fraud we see worldwide? Check out this short video where panelist Matt Powell, Global Head of Consumer Fraud at…

I was pleased to read last week that French and Spanish police, with Europol support, had taken down a criminal network that was selling counterfeit cards for use on road tolls. The estimated damage was over half a million euros. Close cooperation between law enforcement, card schemes and industry bodies helped dismantle 11 counterfeit card factories and 15,000 blank…

In the past year, three major economies — the Eurozone, the USA and Australia — have gone live with real-time payments schemes, Canada will follow in 2019 and many other countries are on the road to implementing real-time schemes. Real-time payments schemes are not new – indeed Japan has had a scheme since 1973, Switzerland was the first European scheme in 1987, and…

This is the third in my series on five keys to using AI and machine learning in fraud detection. As in many professional fields (medicine, law, construction, etc.), there are generalists and specialists. The same applies to the development of behavioral analytics; there are general modeling techniques and highly specialized techniques. For example, your communicati…

The European Banking Authority have just published their final report and guidelines on fraud reporting under PSD2. There’s much to digest and understand, but one thing that stands out for me is categories of fraud that must be reported. While PSPs don’t need to report ‘payer acting fraudulently’ — also known as first-party fraud — they are required to report fraud t…

This is the fourth in my series on five keys to using AI and machine learning in fraud detection. Research shows that depth and breadth of data is more impactful to machine learning model performance than cleverness of the algorithm. It’s the computing equivalent of human experience. This suggests that, when possible, you can improve predictive accuracy by expan…

This is the fifth in my series on five keys to using AI and machine learning in fraud detection. Fraudsters ensure that protecting customers’ accounts is very complex and dynamic, a challenge where machine learning thrives. For continual performance improvement, fraud detection professionals should consider adaptive technologies designed to sharpen responses, particu…

Our new interactive European Fraud Map for 2017 reveals changes in payments fraud across Europe, and there's a good news for the UK - but a warning signal for other countries. Based on data from Euromonitor International and UK Finance, the map shows which countries have made significant gains in the fight against card payments fraud in 2017. France and the UK achiev…

Identity fraud is a significant risk to your business; expense, customer satisfaction and brand reputation are all at risk. More than 1 billion records are stolen annually, causing financial institutions to shift their posture and assume ALL customer and prospect data is potentially exposed. The impact on customers is sobering: Almost 20% of US adults report that the…

Want to learn why application fraud is on the rise? In this clip, I share insights into the three major drivers beyond the tremendous YoY growth rates we are seeing across the industry. With the North American chip card deployment, fraud has migrated to “paths of least resistance”. EMV has disrupted a $4 billion industry that seeks to find a new home in application…

Stopping fraudsters at the front door is a priority, and layered controls are essential to stopping fraud attacks rapidly, agilely, and efficiently. Identifying fraud early requires enterprise-level vigilance and context around an individual’s behavior. Technology can facilitate bilateral sharing of intelligence, such that what you learn at point of application can in…