Data from Fair Isaac customers, combined with independent research, shows a measurable increase in certain types of fraud, notably cross-border and concentrated "flash fraud" attacks, as well as emerging patterns of fraud in card-not-present (online or telephone) and debit card transactions. The Falcon 6.0 scoring server is the first to offer adaptive analytics, which provide dynamic, real-time self-calibration of fraud detection models, enabling institutions to identify and respond to these new threats with unprecedented speed. It expands Fair Isaac's patented fraud detection and profiling techniques to create intelligent profiles targeting high-risk ATMs, merchants, risky geographical regions and other criteria. Extensive testing with clients showed up to 44 percent improvement in detection model performance, translating to increased fraud detection with fewer false positives.
"The incidence and sophistication of fraud is escalating every day," said Doug Clare, vice president for product management at Fair Isaac. "Based on extensive testing and discussions with our clients, we've accelerated the availability of the Falcon 6.0 scoring server to allow qualifying clients to begin their deployment projects immediately, giving them the advanced analytics and profiling tools they need to stay a step ahead."
"Based upon our research, there's no question that credit- and debit-card fraud is on the rise globally," said Dana Wiklund, research director-risk management, Financial-Insights. "Economic recessions exacerbate all types of fraud associated with credit transactions. The institutions that invest now in implementing and upgrading the most advanced fraud solutions will be most effective in combating it."
The full version of Fair Isaac Falcon Fraud Manager 6.0 is scheduled to be generally available in the spring of 2009. In addition to the scoring server enhancements mentioned above, the new release will include enterprise case management, retail banking fraud detection, and enhanced rules management via integration with Fair Isaac Blaze Advisor®.
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, its ability to recruit and retain key technical and managerial personnel, 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, competition, regulatory changes applicable to the use of consumer credit and other data, the possibility that the anticipated benefits of acquisitions, including expected synergies, will not be realized 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, 2007 as subsequently amended, and its last quarterly report on Form 10-Q for the period ended June 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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