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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.
Client: An international leader in digital banking
Challenge: Implement a fully digital onboarding solution that leverages advanced biometric technology to bring digital banking to Southeast Asia, combat fraud, and meet regulatory compl...
Challenge: Develop and implement an authentication control strategy that reduces instances of phishing and manin- the-middle fraud, as well as improves ease of use for a diverse clientele
Solution: FICO® Falcon® Authentication Suite
Fraudsters are as sophisticated and savvy as ever, using complex tactics to steal money and data. Areas of common fraudulent activity take place through inbound and outbound communications using voice and text. FICO has been helping organi...
This is the second in a series of FICO white papers on the adoption of biometrics in the financial services industry