Fair Isaac® Corporation (NYSE: FIC), the leading provider of analytics and decision management technology, today announced the general availability in April 2009 of Falcon® Fraud Manager 6.0. This latest version of the industry's leading solution for detecting payment card fraud introduces adaptive analytics to help financial institutions spot and prevent new fraud patterns in real-time.
The introduction of Falcon 6 comes on the heels of one of the largest security breaches ever to hit the credit card industry. As many as 100 million credit card numbers, card expiration dates and internal bank codes may have been stolen in the incident, first disclosed last week.
"The impact of sophisticated, malicious software like that used in last week's attack can be staggering," said Doug Clare, vice president for product management at Fair Isaac. "The good news is that we've invested heavily in Falcon 6 to keep it a step ahead of the criminals behind such incidents. The newest version reinforces Falcon's standing as the best fraud detection and prevention solution available."
Falcon 6.0 is the first fraud management solution to offer adaptive analytics, which provide dynamic, real-time self-calibration of fraud detection models, enabling institutions to identify and respond to new threats with unprecedented speed. It also expands Fair Isaac's patented fraud detection and profiling techniques by introducing global intelligent profiles targeting high-risk ATMs, merchants, risky geographic regions and other criteria. And finally, for the first time Falcon will include detection and case management capabilities relevant to retail banking lines of business such as demand deposit/current accounts.
Extensive testing with clients has shown up to 44 percent improvement in detection model performance, translating to increased fraud detection with fewer false-positives.
"Based upon our research, it's an unfortunate fact that last week's data breach was only the latest in a series of increasingly costly cyber crimes," said Avivah Litan, Security and Privacy, Gartner. "In this environment, it's necessary to fight fire with fire, implementing and upgrading the most advanced fraud solutions in order to stay ahead of criminals."
Fair Isaac Falcon Fraud Manager 6.0 is the second member of Fair Isaac's Decision Management Suite, a set of applications sharing a common architecture that allows financial institutions to connect decisions across the customer lifecycle. Falcon 6.0 makes extensive use of this new services oriented architecture, including a common data model, case management and rules management components.
Falcon Fraud Manager 6.0 was introduced in limited availability in December 2008 with the release of the Scoring Server module. The general availability release in April 2009 adds an improved rules management module, based on Fair Isaac's industry-leading Blaze Advisor® product. Additional modules for enterprise case management, retail banking fraud detection and other functionality will be deployed later this year.
About Fair Isaac
Fair Isaac Corporation (NYSE:FIC) transforms business by making every decision count. Fair Isaac's Decision Management solutions combine trusted advice, world-class analytics and innovative applications to give organizations the power to automate, improve and connect decisions across their business. Clients in 80 countries work with Fair Isaac to increase customer loyalty and profitability, cut fraud losses, manage credit risk, meet regulatory and competitive demands, and rapidly build market share. Fair Isaac also helps millions of individuals manage their credit health through the www.myFICO.com website.
Statement Concerning Forward-Looking Information
Except for historical information contained herein, the statements contained in this news release that relate to Fair Isaac or its business are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including the success of the Company's Decision Management strategy and reengineering plan, the maintenance of its existing relationships and ability to create new relationships with customers and key alliance partners, its ability to continue to develop new and enhanced products and services, its ability to recruit and retain key technical and managerial personnel, competition, regulatory changes applicable to the use of consumer credit and other data, the failure to realize the anticipated benefits of any acquisitions, continuing material adverse developments in global economic conditions, and other risks described from time to time in Fair Isaac's SEC reports, including its Annual Report on Form 10 K for the year ended September 30, 2008. If any of these risks or uncertainties materializes, Fair Isaac's results could differ materially from its expectations. Fair Isaac disclaims any intent or obligation to update these forward-looking statements.
Fair Isaac, Falcon and Blaze Advisor are registered trademarks of Fair Isaac Corporation in the United States and in other countries.
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