JACKSONVILLE, Fla., Feb. 16, 2011—FIS™ (NYSE: FIS), one of the world’s largest providers of banking and payments technology, today announced it is deploying the new FICO™ Falcon® Fraud Manager 6 platform from FICO. The enhanced platform allows FIS to deliver the most reliable payments fraud detection and prevention services on the market.
The new FICO™ platform, the most robust fraud detection and prevention system offered by FICO, will provide enhanced capabilities, including technology that learns cardholder ATM and point-of-sale device behavior patterns as they evolve. With this intelligence, FIS and financial institutions can set up an unlimited number of rules-based exceptions to help thwart fraud as it occurs – protecting financial institutions and consumers at the same time. In addition to the enterprise functionality of the Fraud Alert Management solution, FIS further protects its clients with FIS Secured™ − a fraud prevention solution that provides reimbursement of individual fraud losses over $50. To date, FIS’ Fraud Alert Management has prevented $600 million in fraudulent activity.
“FICO Falcon Fraud Manager monitors transactions for more than 2.1 billion active accounts on six continents, and has helped our card issuer customers save many millions of dollars in fraud losses,” said Deborah Kerr, chief technology officer, FICO. “Like all our clients, FIS customers require nothing less than the best-available fraud detection technology. The FICO Falcon 6 platform delivers what they need, accurately and reliably, enabling them to devote more of their resources to business growth.”
FIS’ Fraud Alert Management is a comprehensive enterprise fraud management solution that features the ability to adapt intuitively as new card and merchant data models are added − remembering patterns, establishing filters and getting “smarter” as customers use it. The solution also synthesizes intelligence drawn from billions of payment card transactions, weighs key attributes that identify fraud and isolates transactional patterns indicative of fraudulent activity. A unique attribute of FIS’ fraud solution is that it synthesizes credit, debit and prepaid transactions on the same platform, significantly improving accuracy through the monitoring of multiple types of cards.
“We are pleased to be continuing our relationship with FICO. The seamless integration of Falcon 6 with FIS’ fraud analytics and fraud experts will provide an unparalleled fraud management solution for the payments area,” said Frank D’Angelo, executive vice president, FIS Payment Solutions Group. “The enhanced functionality, coupled with FIS’ unique warranty, expresses our commitment to protecting our customers. There is nothing in the marketplace that can protect them more.”
FICO (NYSE:FICO) transforms business by making every decision count. FICO’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 FICO to increase customer loyalty and profitability, cut fraud losses, manage credit risk, meet regulatory and competitive demands, and rapidly build market share. FICO also helps millions of individuals manage their credit health through the www.myFICO.com website.
FIS (NYSE: FIS) is one of the world’s largest global providers dedicated to banking and payments technologies. With a long history deeply rooted in the financial services sector, FIS serves more than 14,000 institutions in over 100 countries. Headquartered in Jacksonville, Fla., FIS employs more than 30,000 people worldwide and holds leadership positions in payment processing and banking solutions, providing software, services and outsourcing of the technology that drives financial institutions. FIS is a member of Standard & Poor’s 500® Index and consistently holds a leading ranking in the annual FinTech 100 list. For more information about FIS, visit www.fisglobal.com.
This news release contains forward-looking statements that involve a number of risks and uncertainties. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. Because such statements are based on expectations as to future economic performance and are not statements of fact, actual results may differ materially from those projected. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. The risks and uncertainties which forward-looking statements are subject to include, but are not limited to: changes in general economic, business and political conditions and other risks detailed in the “Statement Regarding Forward-Looking Information,” “Risk Factors” and other sections of the Company’s Form 10-K and other filings with the Securities and Exchange Commission.
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