In financial services, many things are described as “real time,” including numerous online banking and payment transactions. However, there is no universal definition of real time. Is it real time if a transaction or event takes place within 10 seconds? One second? Certainly most people would say the time it takes to blink is fast enough to be considered real time.
We’ve just developed a new infographic that may make you re-evaluate what real time means. It illustrates how fast FICO® Falcon® Fraud Manager detects bogus credit and debit card transactions—in just 40-60 milliseconds. That’s 5X faster than the average person blinks. It’s faster than a car airbag inflates. It’s even faster than a helicopter blade rotates.
Click on the infographic above to view it in full or go to www.fico.com/realtime.
Perhaps even more impressively, during those 40-60 milliseconds, the Falcon software completes 15,000 fraud detection calculations based on many pieces of data associated with each payment card swipe – including transaction amount, merchant profile, transaction location, point-of-sale device, time of day and account history.
The result is more security for card issuers and merchants, and a seamless customer experience. Everybody wins … except the bad guys.