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Client: Large multinational bank
Challenge: Without core technology capabilities to prevent identity-based fraud pre-book, the bank suffered over US$ 15 million in losses due to a third-party brute force application fraud attack, all happening within a very short window of time. The bank developed a strategic initiative to build a best-in-class application fraud program at the enterprise level to prevent future attacks in real time and to reduce losses and the trajectory of year-over-year loss growth while streamlining the customer experience.
Solution: FICO® Application Fraud Manager
Results: The bank projects an incremental benefit to fraud detection rate of over 25% without operational impact through prevention of third-party fraud. They also expect to stop significant YoY fraud loss growth, and reduce overall fraud losses by 55% in the next five years.