Chartis names FICO as Category Leader for Enterprise Fraud Technology Solutions

• Chartis named FICO the category leader in enterprise fraud in its new Market Update
• Advanced analytics, flexibility, geographic coverage and strategy were factors in the ranking
• The FICO® Falcon® Platform protects 2.6 billion payment vehicles worldwide

FICO has been named as a category leader in the recently published Chartis Financial Crime Risk Management Systems for Enterprise Fraud report. Chartis evaluates the landscape for enterprise fraud solutions through the development of their RiskTech Quadrant, a proprietary methodology, developed specifically for the risk technology marketplace. It takes into account the product and technology capability of vendors, as well as their organizational capabilities. They use two distinct categories to evaluate vendors, firstly – ‘completeness of offering’, that evaluates the breadth and depth of functionality a vendor possesses, along with infrastructure, analytics and reporting capability. Secondly – ‘market potential’, that evaluates a range of categories such as market penetration, brand reputation, innovation and implementation and support.

“FICO’s capabilities across a broad selection of antifraud functions gave it consistently good scores across the six completeness of offering categories,” the report says. “In particular, its ‘cognitive analytics’ – central to its Falcon Platform, which the company has been developing and strengthening – and its variety of specific solutions gave it a high score for payment fraud capabilities.”

Beyond technology, geographic coverage was a factor in FICO’s ranking. “FICO’s geographic expansion was especially notable, including strong growth in its European business and significant client wins in Latin America and Asia-Pacific,” the report says. “Its strong client base in credit risk, alongside robust financials and a comprehensive strategy for ongoing growth, also helped to steer FICO to its category leader status.”

In the report, Chartis noted the growth within the Enterprise Fraud market, including the traditional incumbents and new entrants, many of which however are more focused on point solutions or ‘best-of-breed’ in certain areas. “Very few providers were shown to offer comprehensive enterprise fraud solutions; however by virtue of market potential and functional capability, FICO has moved away from the centre of the quadrant, to category leader status, reflecting a developing focus on new and emerging fraud detection techniques and more sophisticated analytics”.

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