FICO (NYSE: FICO) released an infographic illustrating the speed at which Big Data analytic software operates. In the example of credit card payments, analytic software is able to recognize potentially fraudulent transactions within 40-60 milliseconds — five times faster than you can blink.
FICO® Falcon® Fraud Manager performs more than 15,000 calculations to detect fraud in less time than it takes a helicopter blade to rotate or an automobile airbag to inflate. These real-time fraud calculations use a wealth of data associated with many variables, including the transaction amount, merchant profile, transaction location, point-of-sale device, time of day, and credit card account history.
“Stopping payment fraud is a balancing act that requires payment card providers to protect their cardholders without inconveniencing them,” said Dr. Andrew Jennings, chief analytics officer at FICO and head of FICO Labs. “By combining the power of new analytic technologies and the accumulated knowledge gleaned from trillions of previous payment transactions, it is now possible to fight fraud with surgical precision at incredible speeds, so the consumer payment experience is not disrupted.”
FICO’s real-time, fraud-prevention infographic can be viewed and downloaded at www.fico.com/realtime.
Source: FICO Press Release