FICO (NYSE:FICO) announced its participation in a SaaS-based platform created to fight credit fraud in Spain and Portugal. The platform has been developed by CONFIRMA Sistemas de Informacion, a company formed with SIGNE and private investors, with FICO as a minority investor. The fraud platform is scheduled to be available in January 2013.
The fraud platform aims to help lenders curb the rise in identity theft and fraudulent credit by detecting potential fraud in credit applications. Due to a difficult economy and high unemployment, credit fraud is expected to continue its growth in this region. The fraud prevention platform will be used by banks, savings banks, insurance companies, credit insurance companies, telecommunications companies, payment entities or financial intermediaries. CONFIRMA will also provide the fraud platform to Portuguese lenders through the company Data to Prevent (D2P).
The CONFIRMA fraud platform is powered by the FICO® Blaze Advisor® business rules management system, enabling each business to establish and manage their own fraud rules. CONFIRMA’s platform includes a consortium database of shared credit origination data collected by the financial entities that use the service. The service is offered in SaaS (software as a service) mode with a case management interface.
FICO is recognized as a leader in anti-fraud technology. Its pioneering FICO® Falcon® Fraud Manager protects more than 2.5 billion payment cards worldwide, and is part of the company’s portfolio of enterprise fraud solutions.
SIGNE is recognized as a leader in the production of secure documents (such as cheque books, bankbooks, passports and University diplomas), which contribute significantly to fraud prevention in commercial transactions.
Source: FICO Press Release