FICO Falcon Fraud Manager 6.3 Prevents Electronic Payments Fraud on Demand Deposit/Current Accounts
FICO (NYSE: FICO), announced the availability of the latest version of the industry-leading payment fraud solution,FICO® Falcon® Fraud Manager 6.3. The new version protects consumers’ card and demand deposit (DDA) /current accounts from various forms of payment fraud, including e-payments fraud. Already the leader in card fraud protection, FICO Falcon Fraud Manager now applies FICO’s dynamic profiling capability, neural network analytics and self-calibrating models to protecting individuals’ DDA/current accounts – all while helping banks deliver a positive customer experience.
The proliferation of electronic payments and mobile banking poses several challenges to financial institutions, including managing fraud and reputational risk, retaining operational efficiency and preserving customer experience. Falcon 6.3 enables financial institutions to leverage self-learning behavioral analytics to detect and prevent electronic payment fraud in real time. By taking advantage of FICO Falcon Fraud Manager’s advanced behavioral analytics, card issuers, processors and retail banks can improve the customer experience and operational efficiency by accurately and efficiently detecting suspicious out-of-pattern payments as well as automating real-time decisions on genuine payments. Financial institutions can also meet regulatory requirements by integrating sophisticated behavioral analytics for remote banking as well as leveraging a single transaction monitoring, investigation and decision-enabling solution within their enterprise fraud defense framework.
Source: FICO Press Release