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August 31, 2017
SAN JOSE, Calif. — August 31, 2017
The number of cards compromised at U.S. ATMs and merchants rose 39 percent in the first six months of 2017, compared to the same period in 2016, according to new data from Silicon Valley analytic software firm FICO. FICO has also tracked a 21 percent increase in compromises of ATMs and point-of-sale (POS) devices in the US in the first six months of 2017, compared to the same period in 2016.
The number of compromises is on target to set a new high for the FICO® Card Alert Service, which monitors hundreds of thousands of ATMs and other readers in the U.S.
“The rate of fraud pattern changes has accelerated in the last 24 months, requiring us to continuously adapt our predictive analytics to stay on top of this criminal behavior,” said TJ Horan, vice president, who oversees FICO’s fraud solutions. “We have introduced new AI technology into our FICO Falcon Fraud Manager platform, which protects most of the payment cards in the U.S.”
FICO offers these tips for consumers:
FICO previously reported a 30 percent increase in compromised devices for 2016, compared to 2015, and a 70 percent rise in compromised cards for that period. These figures cover only card fraud occurring at physical devices, not online card fraud.
FICO works closely with banks and card issuers around the world to identify fraud trends and shut down card fraud. In addition to FICO® Card Alert Service, FICO offers the FICO® Falcon® Platform, the leading card fraud solution, which protects 2.6+ billion cards worldwide.
FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956 and based in Silicon Valley, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 175 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in more than 100 countries do everything from protecting 2.6 billion payment cards from fraud, to helping people get credit, to ensuring that millions of airplanes and rental cars are in the right place at the right time. Learn more at http://www.fico.com.
Join the conversation at https://twitter.com/fico & http://www.fico.com/en/blogs/
For FICO news and media resources, visit www.fico.com/news.
FICO and Falcon are trademarks or registered trademarks of Fair Isaac Corporation in the United States and in other countries.
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