New FICO Solution Helps Banks Empower Consumers to Fight Fraud
FICO Consumer Fraud Control is a mobile app solution that empowers consumers to configure card usage controls and transactional alerts, for greater peace of mind.
SAN JOSE, Calif. — August 5, 2015 — FICO (NYSE:FICO), the analytics and decision management software company, today introduced FICO® Consumer Fraud Control, a new solution for banks that enables their cardholders to configure card usage controls and transactional alerts via the bank's mobile app.
Building on FICO's market-leading FICO® Falcon® Fraud Platform, Consumer Fraud Control allows consumers to easily shield themselves from potential fraud, as well as closely manage daily card use. Cardholders can:
- Set controls on when, where and how their cards are used, such as blocking certain purchase types or cash withdrawals, setting maximum transaction amounts and restricting merchant types
- Customize real-time alerts or push notifications on their account and card activity, enabling them to monitor transactions in real time
- Monitor activity and instantly pause card function in the event of suspected fraud or loss
"These controls do more than just protect against fraud," said TJ Horan, vice president of fraud solutions at FICO. "They enable concerned consumers and active budget managers to control how their cards are used. This is the easiest and most comprehensive solution of its type, and we’re making it available to our banking partners. The extra layer of protection may increase a cardholder’s spending levels, improve the bank's share of wallet, and increase engagement with the bank's mobile app."
A 2014 study by Unisys found that 59 percent of Americans fear bank card fraud — more than terrorism (47 percent) or disease epidemics (34 percent). A FICO study in late 2014 showed that more than half of consumers in the UK and the US wanted to use a mobile app to control the types of transactions and the dollar amounts allowed on their cards.
"Banks have found tremendous value in our FICO® Score Open Access program, which provides banks' consumers greater transparency and understanding by sharing the FICO Scores the lenders use," said Geoff Smith, vice president for consumer solutions at FICO. "FICO Consumer Fraud Controls now enables banks to further empower consumers by helping them protect and manage their credit and debit cards."
FICO has led payment card fraud protection for more than 20 years. The FICO® Falcon Fraud Platform protects 2.5 billion payment cards worldwide, using advanced analytics and cardholder profiles. The solution is available now to global banks and card issuers who want to offer their customers greater peace of mind. More information: http://www.fico.com/en/products/fico-consumer-fraud-control.
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.
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