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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, with proceeds and services used by organised crime and terrorist networks. Whilst reliable statistics are difficult to come by, industry association Communications Fraud Control A...
Telecommunications companies lost more than $29 billion to consumer fraud in 2017 globally (1.27% of their revenues). The largest and most advanced communications service providers (CSPs) have sophisticated fraud detection systems and proc...
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– ...