New Analytics for Emerging Payments
Payment cards are changing. Whereas a plastic card used to access a single funding account, now we increasingly see cards—and very soon, mobile phones—that can access multiple fund…
Payment cards are changing. Whereas a plastic card used to access a single funding account, now we increasingly see cards—and very soon, mobile phones—that can access multiple funding accounts.
This trend not only increases personalization options, but also fraud detection capabilities, if you leverage a cardholder’s history of what funding accounts were used for which transactions. Fraudsters typically don’t have any prior knowledge of funding account selections. This makes it much more apparent when there’s unauthorized use of a multi-funding account payment device.
The act of choosing different funding accounts can be exploited by analytics for greater fraud detection, as I discussed in my last post. Through analytics, we would examine cross-funding account behaviors as well as variables that vary by funding account, monitor favorite merchants for each funding account, and determine the likelihood that a particular funding account would be chosen for a transaction.
At FICO World next month, I'll discuss these new analytic approaches in greater detail, at my session: Enhancing Fraud Detection with Multi-funding Account Analytics. I invite you to join us at the conference.
Popular Posts
Business and IT Alignment is Critical to Your AI Success
These are the five pillars that can unite business and IT goals and convert artificial intelligence into measurable value — fast
Read more
Average U.S. FICO Score at 717 as More Consumers Face Financial Headwinds
Outlier or Start of a New Credit Score Trend?
Read more
FICO® Score 10 T Decisively Beats VantageScore 4.0 on Predictability
An analysis by FICO data scientists has found that FICO Score 10 T significantly outperforms VantageScore 4.0 in mortgage origination predictive power.
Read moreTake the next step
Connect with FICO for answers to all your product and solution questions. Interested in becoming a business partner? Contact us to learn more. We look forward to hearing from you.