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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.
Fraud is a serious concern for the communications industry. According to a large American operator, handset fraud cost the company about $190 million in 2018, during which it lost nearly 210,000 devices. In one month alone, handset fraud c...
The adoption of predictive and prescriptive analytics across multiple industries is accelerating rapidly, fueled by the competitive need to drive business agility. The rationale for adoption is clear enough: Companies are sitting on mounta...
The FICO® Authentication Suite gives organizations the power of a trusted digital identity with a comprehensive set of authentication capabilities. With fast, easy, and secure enrollment, customers have access to multifactor, biometric and...
FICO® Identity Proofing gives organizations the power of mobile identity verification. As part of FICO’s unified digital identity platform, FICO Identity Proofing provides a seamless method for validating identities during the customer onb...