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Data breaches have given criminals access to more personal information than ever before. Armed with this information, they steal real peoples’ identities or construct synthetic identities. The move to a digital economy, where applications often happen online, means little face-to-face interaction. This gives fraudsters the ability to hide behind stolen or fabricated identities. They use these identities to open accounts and access money, goods and services they have no intention of repaying. If application fraud is not prevented, it quickly:
It is vital to stop fraudsters at point of origination. Decisions driven by machine learning analytics and fuzzy matching ensure businesses can say yes to more of their legitimate customers while turning away the fraudsters. FICO® Application Fraud Manager is designed to:
Tackling fraud rings
Brute force application fraud attacks are a new norm. Perpetrated by organized criminals, a sustained attack sees losses quickly multiply – millions lost in the matter of days. The attacks are both systemic and methodical, but the most common identifying features are velocity and recycled personally identifying information. Spotting repeated information – whether exact or fuzzy - uncovers the wider web of data that strings together a criminal enterprise. FICO helps you automate this to:
Proactively uncover fraud rings with graph analytics.
Stop fraud at the point of origination.
Management of application fraud has traditionally been a staid affair. Rules and scorecards have been successful for many years, but we’ve reached an inflexion point. There are too many changing factors, and organizations that continue to ...
As the frequency and severity of cyber breaches continue to grow, cybercrime is now one of the biggest challenges facing financial institutions (FIs). Adding to their problems, FIs must also address the growing risk of technology outages– ...
Chartis Research is the leading provider of research and analysis on the global market for risk technology. It is part of Infopro Digital, which owns market-leading brands such as Risk and WatersTechnology. Chartis’ goal is to support ente...
Fintechs and challenger banks have put a dent in the financial services universe. By developing compelling new products, services and experiences, these companies have set a new standard and raised customers expectations. While traditional...