Fair Isaac’s Industry-Leading Fraud Detection Technology Tackles ‘Faster Payments’ Fraud In The UK

(PresseBox) ( London, )
Fair Isaac Corporation (NYSE:FIC), the leading provider of analytics and decision management technology, today announced at its InterACT conference that Fair Isaac’s industry-leading fraud detection technology is now available to combat fraud on Faster Payments in the United Kingdom.

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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