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April 3, 2014
FICO fraud analytics help stop criminals by performing 15,000 calculations in 40-60 milliseconds during credit card transactions; calculations are completed 5X faster than you can blink
SAN JOSE, Calif. — April 3, 2014 — FICO (NYSE:FICO), a leading predictive analytics and decision management software company, today released an infographic illustrating the speed at which Big Data analytic software operates. In the example of credit card payments, analytic software is able to recognize potentially fraudulent transactions within 40-60 milliseconds — five times faster than you can blink.
FICO® Falcon® Fraud Manager performs more than 15,000 calculations to detect fraud in less time than it takes a helicopter blade to rotate or an automobile airbag to inflate. These real-time fraud calculations use a wealth of data associated with many variables, including the transaction amount, merchant profile, transaction location, point-of-sale device, time of day, and credit card account history.
“Stopping payment fraud is a balancing act that requires payment card providers to protect their cardholders without inconveniencing them,” said Dr. Andrew Jennings, chief analytics officer at FICO and head of FICO Labs. “By combining the power of new analytic technologies and the accumulated knowledge gleaned from trillions of previous payment transactions, it is now possible to fight fraud with surgical precision at incredible speeds, so the consumer payment experience is not disrupted.”
FICO’s real-time, fraud-prevention infographic can be viewed and downloaded at www.fico.com/en/latest-thinking/infographic/how-fast-is-credit-card-fraud-detection.
FICO (NYSE: FICO) is a leading analytics software company, helping businesses in 90+ countries make better decisions that drive higher levels of growth, profitability and customer satisfaction. The company’s groundbreaking use of Big Data and mathematical algorithms to predict consumer behavior has transformed entire industries. FICO provides analytics software and tools used across multiple industries to manage risk, fight fraud, build more profitable customer relationships, optimize operations and meet strict government regulations. Many of our products reach industry-wide adoption. These include the FICO® Score, the standard measure of consumer credit risk in the United States. FICO solutions leverage open-source standards and cloud computing to maximize flexibility, speed deployment and reduce costs. The company also helps millions of people manage their personal credit health.
FICO: Make every decision count™. Learn more at www.fico.com.
For FICO news and media resources, visit www.fico.com/news.
FICO, Falcon and “Make every decision count” are trademarks or registered trademarks of Fair Isaac Corporation in the United States and in other countries.
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