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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.
The way most auto lenders seek performance gains in origination is like walking around a dark room with a dim flashlight. The sightline is a few steps ahead in one direction. Select and test a new strategy. If it’s successful, roll it out. Start from there in the next round, and then take a few more steps.
2019 was a year of new fraud, cybersecurity and money laundering challenges — and new technology to face them head on. We learned that 25% of organizations plan to adopt AI and machine learning to detect fraud in the next two years, which represents a 200% increase over the previous year. Criminals may be agile, but smart analytics help businesses be stronger, faster, and more innovative in how we fight the bad guys. What do we expect to see in 2020? We asked four experts at FICO to put a stake in the ground and predict the future.
Automotive finance fraud is a growing problem. As cars have become more difficult to physically steal from the street, automotive loans have become cheaper and easier to get. Criminals have turned their attention to using automotive financ...
What makes a Decision Hero?
When it comes to managing their decisions, companies want to uncover opportunities, solve hard problems, innovate creative solutions, and ultimately create value. A decision hero makes this happen by looking...