MINNEAPOLIS – June 9, 2011 – FICO (NYSE:FICO), the leading provider of analytics and decision management technology, today announced it has partnered with Adeptra to integrate its market-leading payment card fraud detection product, FICO™ Falcon® Fraud Manager 6, with Adeptra’s Automated Customer Contact capabilities. The resulting offering is the first to allow users to set complex strategies for flagging and verifying suspicious card transactions and then contacting customers automatically, in real-time, using various channels including voice, text and email. This capability expands the reach of fraud operations while reducing overhead costs, allowing operations to run smoothly without restrictions of staffing requirements or live-agent costs.
Users configure the system by inputting rules according to their particular fraud detection strategies – for example, specifying which cases should be sent to an auto-dialer or to a text messaging service – and then the system automatically executes according to the rules. In addition, real-time communication between the FICO and Adeptra systems allows issuers to set parameters that automatically place blocks on cards in high-risk scenarios, and then remove those blocks after card users have been contacted and activity validated. FICO and Adeptra have already delivered this solution to leading card issuers around the world, and it is reducing manual fraud verification costs by up to 80 percent.
“It’s difficult today for card companies to grow and operate efficiently, so the more they can focus the resources they have on generating revenue instead of preventing losses the healthier their business will be,” said Deborah Kerr, chief technology officer at FICO. “This unique new solution provides the best in fraud detection and helps users maximize efficiency in their fraud operations, while also returning greater value and service to customers.”
“Fraudsters have continued to use more sophisticated methods to extract credit and debit card information, and banks and card companies have recognized the challenge. Our partnership with FICO is driving positive changes to these challenges, and the action that FICO has chosen to take will better protect its customers from the threats of fraud,” said Ed Broyles, managing director at Adeptra. “We and FICO are committed to the ultimate goal of improving customer satisfaction together with the promise of better protection from the risk of fraudulent activity.”
“Automating case dispositions delivers efficiencies to financial institutions while also providing more timely and consistent interactions with customers,” said George Tubin, senior research director at TowerGroup. “This enables financial institutions to find more fraud more efficiently and foster loyalty with their customers, who receive better service and ultimately have more confidence in their banking relationships.”
Built on a robust service-oriented architecture, FICO™ Falcon® Fraud Manager 6 uses advanced analytic techniques that synthesize intelligence drawn from billions of payment card transactions and hundreds of person-years of experience to weigh key attributes and identify fraud with the utmost reliability – all in a fraction of a second. The new version introduces adaptive analytics, enabling institutions to identify and respond to new threats with unprecedented speed, and patented profiling techniques targeting high-risk ATMs, merchants, point-of-sale devices and risky geographic regions.
Adeptra’s real-time, automated, two-way communications platform and focus on the customer experience enable positive consumer engagements in voice, text, email and direct mobile communications for core servicing, fraud, collections and marketing management. The company’s offerings are relied on by leading organizations across the world, including the 10 largest global retail banks, seven of the top 10 financial institutions in North America, nine of the top 10 card issuers in the United Kingdom and all of the major banks in Australia.
Adeptra is the global market leader in Auto-resolution™: technology that automates key call center interactions to reduce their cost and dramatically increase performance. Adeptra combines recorded dialog with state of the art natural language to engage with individual consumers by voice, text, email and direct mobile about important, time-sensitive issues including fraud detection, payment reminders and opt-in marketing.
Adeptra can make thousands of consumer contacts simultaneously and achieves higher levels of portfolio penetration and produces significantly better results than human agents alone. The resolutions it secures are delivered into clients’ computer systems for reporting and analysis. For more information, visit www.adeptra.com.About FICO
FICO (NYSE:FICO) delivers superior predictive analytics solutions that drive smarter decisions. The company’s groundbreaking use of mathematics to predict consumer behavior has transformed entire industries and revolutionized the way risk is managed and products are marketed. FICO’s innovative solutions include the FICO® Score — the standard measure of consumer credit risk in the United States — along with industry-leading solutions for managing credit accounts, identifying and minimizing the impact of fraud, and customizing consumer offers with pinpoint accuracy. Most of the world’s top banks, as well as leading insurers, retailers, pharmaceutical companies and government agencies, rely on FICO solutions to accelerate growth, control risk, boost profits and meet regulatory and competitive demands. FICO also helps millions of individuals manage their personal credit health through www.myFICO.com.
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