(London, United Kingdom) - Fair Isaac Corporation (NYSE:FIC), the leading provider of analytics and decision management technology, has announced the availability of a new, tailored anti-fraud solution for the anticipated UK Faster Payments initiative. Falcon® Transfer, whose patented profiling technology employs the same mathematical techniques used in missile interception to identify fraudulent activity, can react according to user-defined business rules. This solution allows financial institutions to roll out Faster Payments services in real-time without increased risk of being successfully targeted by criminals.
Robert Duque-Ribeiro, VP & Managing Director, EMEA at Fair Isaac explains, "The UK Faster Payments initiative has been endorsed by the top UK banks representing more than 95% of all UK electronic transactions, and consumers are looking forward to same-day electronic funds transfer starting May 2008. So does Faster Payments mean faster fraud? In anticipation of Faster Payments, Fair Isaac has developed a fraud solution to prevent criminals who may try to exploit the real-time speed of Faster Payments for their own profit." He continues, "Fair Isaac has a 50 year track record of success in helping banks to identify and prevent a dizzying array of fraud, so we are ideally positioned to help our customers minimize the risks and maximize the opportunities associated with Faster Payments."
"The introduction of Faster Payments sees a system that moves the UK from laggards to clear leaders in terms of speed," said Gareth Lodge, Senior Analyst, European Banking & Payments, TowerGroup. "With transactions being processed in near-real time, banks will need to ensure that they have the processes and systems in place to ensure that Faster Payments doesn't simply mean Faster Fraud. With Standing Orders up to £100,000 being irrevocably processed, and processing taking place "24/7/365", banks need to be on their guard as the scheme will undoubtedly become the attention of fraudsters looking for weaknesses."
Falcon Transfer was created by expanding on the proven capabilities of Fair Isaac's Falcon® Fraud Manager, which monitors more than 1.5 billion active payment cards world-wide. Using analytics, business rules and case management tools, Falcon Transfer is able to offer the real-time fraud protection required for Faster Payments thanks to Fair Isaac's modeling technology which supports rapid data analysis and non-linear modeling of transactions to spot anomalies in behaviour which could point to fraud. Falcon Transfer also reviews both the sender's and receiver's account profile. If it detects signs of fraud, a bank can stop the payment immediately and send it to a fraud analyst for further review.
Fair Isaac also is encouraging a community approach to halting Faster Payments fraud in its tracks. "By working together as an industry to share data on high-risk profiles and establish hot lists for transaction screening, the banking industry will have a much better chance of nipping new potential avenues of fraud in the bud, before they have a chance to develop," concludes Duque-Ribeiro.
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.
Fair Isaac Statement Concerning Forward-Looking Information
Except for historical information contained herein, the statements contained in this press release that relate to Fair Isaac, including statements regarding its Faster Payments fraud solution and Falcon® product offerings, and the benefits to be derived from these offerings, 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 any unforeseen technical difficulties related to the implementation, use and functionality of the offering, the risks that customers will not perceive material benefits from the offering, failure of the product to deliver the expected results, the possibility of errors or defects in the offering, regulatory changes applicable to the use of consumer credit and other data, 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, and its quarterly report on Form 10-Q for the period ended March 31, 2008. Forward-looking statements should be considered with caution. If any of these risks or uncertainties materializes or any of these assumptions proves incorrect, Fair Isaac's results could differ materially from Fair Isaac's expectations in these statements. Fair Isaac disclaims any intent or obligation to update these forward-looking statements.
Fair Isaac and Falcon are registered trademarks of Fair Isaac Corporation in the United States, the European Community Trademark Office and in other countries. Other product and company names herein may be the trademarks of their respective owners.
Europe, Middle East & Africa
+44 (0) 209-940-8719
+1 786 482 7231
+55 11 97673-6583
Take the next step
Connect with FICO for answers to all your product and solution questions. We look forward to hearing from you.