Applied Analytics & ML
Deploy fully interpretable, real-time analytics and ML and leverage the very best AI models in the market today.
Application Fraud
Can you prevent first-party, third-party, and synthetic identity fraud and provide customers with great service?
Make application fraud prevention your competitive advantage
%
Have abandoned opening a bank account because identity checks were too difficult or time-consuming.
%
Rank fraud protection as a top three priority when they choose a financial account provider.
%
Think their identity or personal information could have been used by a fraudster to open a financial account.
Overview
Prevent application fraud and improve customer experience
Data breaches, legacy controls, and organizational siloes make it easy for fraudsters to commit application fraud.
Predictive analytics
Stop first-party fraud using predictive analytics.Analyzing data
Stop third-party fraud by analyzing data from applications at scale to detect links that indicate activity by organized crime.Orchestrate identity-proofing
Orchestrate identity-proofing solutions to root out applications using stolen or synthetic identities.Monitor accounts
Continuous analytic monitoring of applications and accounts detect signs of sleeper fraud and behaviors that indicate bust-outs are imminent.
Detect, manage, and prevent application fraud
Bring together data from both internal sources and external sources to determine if a fraudster is using a stolen or synthetic identity.
Uncover links across new applications and existing accounts that point to the activities of organized criminal networks. Use machine learning models to reveal anomalies that signal someone is falsifying information such as income to obtain credit they don’t intend to repay. Continuous analytic monitoring of applications and accounts detects signs of sleeper fraud and behaviors that indicate bust-outs are imminent.
Build rules and decision trees that leverage insights for the best possible outcomes and adapt them as new fraud typologies develop. Orchestrate processes appropriate to each scenario - for example, use adaptive workflows to implement identity checks based on the level of risk for each application. Configure case management capabilities to prioritize and assign cases and ensure the right information is available for fast resolution. Use multi-channel, two-way communications to automate information gathering and keep customers informed.
Create and manage diverse views of data for analysis to better understand and articulate the relative benefits of different fraud strategies. Use simulation to help you test and compare different strategies, identify the best strategies to put into production, and understand the impact they will have on the wider environment — before you deploy.
Realize economies of scale by leveraging the capabilities required to manage application fraud to provide solutions to other challenges, such as credit risk or detecting and managing other types of fraud. With FICO Platform, you gain efficiencies of a single architecture to access data and insight across all use cases, break down organizational siloes for true single customer views, and accelerate digital transformation.
FICO experts can share best practices because they work with many institutions. We have a deep understanding of application fraud prevention and can interpret your requirements and advise on your best path forward. This removes the burden from your fraud and IT so they can keep internal resource levels stable and focused on your priorities. FICO brings an external perspective to enhance fraud strategies to maximize the value of your investment and realize the benefits as fast as possible.
Why FICO?
With machine learning capabilities, FICO® Platform is the only platform optimized to identify a wide array of fraudulent behavior so you can accurately detect crime, efficiently manage cases, and enhance your customers’ experience.
Case Study Read more
TELUS Strengthens Fraud Protection with FICO®
Leading telecommunications company deploys FICO's application fraud solution to strengthen fraud protection and resilience
"We now have an integrated fraud and credit check flow built into our systems and processes. We’re looking forward to seeing the results of this project as they continually have a significant and positive impact on our fraud elimination performance!"
Jacqueline Biggart, Manager of Technology Security Telus
Capabilities
FICO solutions offer a wide range of capabilities, empowering you to make smarter, personalized decisions, streamline operations, and improve the customer experience.
Intelligent Decisions
Model decisions with open standards, automate with business rules, and support human-in-the-loop AI.
Digital Twins & Simulation
Unlock a distinct competitive advantage with an enterprise scenario management ecosystem.
Data Connection & Ingestion
Seamlessly connect to and bring in data from any source — when and where it’s needed.
Business Composability
Expertly compose business services that choreograph complex workflows to deliver results at scale.
Always-On Features & Profiling
Enrich, manage, share data features, and build real-time customer understanding with transactional profiling.
Related solutions
Learn how FICO solutions can empower you to make smarter, personalized decisions, streamline operations, and improve the customer experience.
Onboarding
Is friction interfering with your seamless onboarding experience and hampering your new customer growth?
Originations
Open more accounts, retain, and grow your customer base without increasing exposure to risk.
Customer Communications for Fraud
An intelligent omnichannel digital customer communication management solution for low-friction, high-security fraud alert resolution.
From the FICO Decisions blog
Get the latest insights, solutions, and strategies for improving business results from the FICO experts and thought leaders.
January 04, 2023
Despite Rapid Adoption of Digital Channels, Customer Trust Lags
FICO global survey finds customers want better fraud protection and more security from their digital banking channels
November 21, 2022
First-Party Fraud Must Be Stopped Across the Customer Lifecycle
Financial institutions face first-party risks “inside the wire” - 14% of customers worldwide think it is normal to exaggerate income on a mortgage application
November 01, 2022
Application Fraud – Does Canada Need a New Approach?
FICO’s Fraud, Identity and Digital Banking Survey 2022 shows that customers in Canada want slick onboarding processes, where fraud controls work but don’t delay account opening
Ready to talk?
Our fraud experts are ready to show you how to tackle application fraud across the customer lifecycle to reduce first- and third-party fraud and ensure that you smoothly onboard as many legitimate customers as possible.