FICO announced the availability of the FICO® Falcon® Platform for enterprise fraud management. The FICO Falcon Platform gives institutions and their customers real-time protection from fraud across multiple payment channels, products and services.
The FICO Falcon Platform puts the company’s industry-leading FICO® Falcon® Fraud Manager technology at the heart of a modular, flexible approach to enterprise fraud protection. Smaller institutions can begin with a rules-based system for detecting transaction fraud in real time and managing suspected fraud cases. Because of the platform’s support for such open source technologies as Linux, start-up infrastructure costs can be as little as 1/10th what it has traditionally taken to deploy FICO Falcon Fraud Manager.
For larger credit grantors and current Falcon Fraud Manager clients, the FICO Falcon Platform can substantially reduce the cost of expanding portfolios or extending protection to new products or channels. A credit grantor can systematically add connected levels of protection by deploying fraud analytic modules specifically developed to detect fraud in targeted channels, including checking / current accounts, e-payments, mobile payments and payment cards. FICO estimates the platform’s flexible architecture could reduce clients’ fraud protection costs by as much as 75 percent.
The platform’s fraud detection and case management capabilities can be extended with add-on software modules that further reduce the impact of fraud on customers. Many banks are now using FICO software to automatically contact customers on their mobile phone or preferred devices to resolve suspicious transactions instantly. FICO also offers solutions for stopping first-party and third-party application fraud as well as bust-out fraud, using social link analysis. Data management extensions expand the system’s ability to accept and monitor data from outside systems in real time.
FICO recently integrated technology from 41st Parameter to improve the FICO Falcon Platform’s ability to detect card-not-present fraud, and allow genuine transactions to go through without being blocked.
Source: FICO Press Release