Our survey of 2,000 US consumers uncovers how the age of customers affects what they think about fraud and security measures - and how much friction in the customer journey they will tolerate.
The pressure for banks to tackle push payment fraud is mounting – besides liability, the scope for bad publicity and loss of reputation is significant.
FRAML stands for Fraud and Anti-Money Laundering. This simple term encompasses a very important trend, particularly for financial services organizations – the bringing together of the separate worlds of the fraud and the financial crime compliance teams.
Alarmingly, from RFPs we’ve seen at FICO, many banks are creating systems that will either be non-compliant with SCA or will create an unacceptable customer experience
Employee purchase cards (P-Cards) are work credit cards that are provided by most universities and state governments to many of their employees for smaller, routine purchases. These P-Cards can streamline the process of making purchases, saving the organization both time and money. P-Cards are much more cost effective than using the full procurement processes (soliciting three bids, etc.) for smaller purchases, such as an item costing $15. The challenge for most organizations is that while P-Cards can provide a cost-effective and efficient tool for small dollar purchases, they can also easily be abused. Managers and auditors are tasked with reviewing P-card purchases but often, given their other workloads, these purchases are not adequately reviewed. Employee Purchase Cards – Why Use Them? In a typical procure-to-pay process, five percent of transactions account for 90% (or more) of the total spend. These larger transactions rightfully require significant controls, contracts and approvals. P-Cards can dramatically... [Read More]
It’s a harsh truth that while data and technology in the fraud business abound, true domain expertise is a scarce resource. We speak to Andy Procter, FICO’s own fraud specialist about how to fight identity fraud,
Cosmos Bank recently had $13.5 million siphoned off by hackers linked to the Lazarus Group in North Korea. These attacks emphasize the need for layered fraud defences and controls that effectively mitigate such risks.
I was interviewed recently for a new TV program called Tomorrow’s World Today, where I discussed how we are using AI and machine learning for financial crime protection.
Because corporate credit cards have different business-oriented spending patterns than consumer credit cards, we tackled the corporate card fraud detection problem with FICO’s collaborative profiling technology.
A new special report from Raconteur, published in today's edition of The Times in London, calls out the growing trend of convergence of fraud and compliance.