Fair Isaac’s Industry-Leading Fraud Detection Technology Tackles ‘Faster Payments’ Fraud In The UK
Fair Isaac’s Faster Payments fraud solution analyses the risk of each funds transfer in real time, reviewing both the sender’s and receiver’s account profile. If it detects signs of fraud, it stops the payment immediately and sends it to a fraud analyst for further review.
“The fleeting, complex nature of fraud on rapid inter-bank, account-to-account transfers makes Fair Isaac’s advanced, real-time fraud analytics an ideal tool for managing Faster Payments fraud,” said Robert Duque-Ribeiro, Managing Director for EMEA at Fair Isaac. “Fair Isaac’s fraud and identity theft solutions are known worldwide for their effectiveness in helping businesses across industries cut fraud losses and protect their customers from fraudulent transactions. Our Faster Payments fraud solution expands sophisticated fraud protection to this new, vulnerable channel.”
The core functionality of Faster Payments fraud coverage builds upon the proven transaction analysis capabilities of Fair Isaac’s Falcon One™ for Online Access solution, currently in use at lenders throughout the European region. Fair Isaac is now expanding that coverage to transfers initiated through other channels, including telephony and branches. Installation options include direct installs, service via ASP, or service via a processor. In addition, Fair Isaac is prepared to help current users of its industry-leading payment card fraud detection solution Falcon™ Fraud Manager quickly expand those installations to cover Faster Payments protection.
Banks around the world have been using Fair Isaac’s analytic solutions since the mid-1990s to systematically reduce payment fraud risk across multiple lines of business and banking channels, including POS terminals, ATMs, Internet purchases, and online banking. Several banks also have successfully implemented Fair Isaac fraud technology on multiple transaction channels, demonstrating just how well this technology applies to fighting fraud on more than just card transactions.
Fair Isaac’s Falcon Fraud Manager uses a combination of sophisticated neural network models, patented account profiling technologies, case management and flexible, user-definable intelligent rules to analyze payment card transactions for the most subtle signs of fraud. Used to fight payment card fraud for more than 15 years, Falcon Fraud Manager currently monitors more than 450 million active debit and credit cards across six continents and saves leading banks millions of dollars every day.
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Fair Isaac (NYSE:FIC) makes decisions smarter. The company’s solutions and technologies for Enterprise Decision Management give businesses the power to automate more processes, and apply more intelligence to every customer interaction. Through increasing the precision, consistency and agility of their decisions, Fair Isaac clients worldwide increase sales, build customer value, cut fraud losses, manage credit risk, reduce operational costs, meet changing compliance demands and enter new markets more profitably. Founded in 1956, Fair Isaac powers hundreds of billions of decisions per year in financial services, insurance, telecommunications, retail, consumer branded goods, healthcare and the public sector. Fair Isaac also helps millions of individuals manage their credit health through the www.myfico.com website. Visit Fair Isaac online at www.fairisaac.com.
Fair Isaac Statement Concerning forward-looking Information
Except for historical information contained herein, the statements contained in this press release that relate to Fair Isaac, including statements regarding its Faster Payments fraud solution, and Falcon One™ and Falcon™ product offerings, are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including any unforeseen technical difficulties related to the implementation, use and functionality of the offerings, the risks that customers will not perceive material benefits from the offerings, failure of the products to deliver the expected result, the possibility of errors or defects in the offerings, regulatory changes applicable to the use of consumer credit and other data, and other risks described from time to time in Fair Isaac’s SEC reports, including its Annual Report on Form 10-K for the year ended September 30, 2006, and its quarterly report on Form 10-Q for the period ended March 31, 2007. Forward-looking statements should be considered with caution. If any of these risks or uncertainties materializes or any of these assumptions proves incorrect, Fair Isaac’s results could differ materially from Fair Isaac’s expectations in these statements. Fair Isaac disclaims any intent or obligation to update these forward-looking statements.
Fair Isaac, Falcon One and Falcon are trademarks or registered trademarks of Fair Isaac Corporation, in the United States and/or in other countries. Other product and company names herein may be the trademarks of their respective owners.