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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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FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956 and based in Silicon Valley, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 150 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in more than 100 countries do everything from protecting 2.6 billion payment cards from fraud, to helping people get credit, to ensuring that millions of airplanes and rental cars are in the right place at the right time. Learn more at www.fico.com and join the conversation at https://twitter.com/fico and http://www.fico.com/en/blogs/. FICO is a registered trademark of Fair Isaac Corporation in the US and other countries.