FICO Introduces New Anti-Fraud Solution

1975Many people have experienced the frustration of having their credit card hacked. You know the drill: you get a call, or a text, alerting you to possible fraudulent activity on your account. Or maybe you log into your account online and see that the balance isn’t what you expected, giving you quite a shock.

Even if the fraud is stopped immediately and the money is refunded to you – as it usually is, because of zero-liability policies that most credit cards offer their customers – there’s still the hassle of having your card canceled and waiting for a new one to be issued, changing your account information with any merchants with whom you’d set up automatic payments, and staying on the alert for any other strange activity that could signal an ongoing issue.

A new product from FICO, called the FICO Card Compromise Manager, is designed to proactively detect any data breach that could result in customers having their payment cards hacked, therefor helping card issuers identify any dangers before they become a bigger problem. The FICO Card Compromise Manager works in tandem with the FICO Falcon Platform, which is in place to provide protection for more than 2.6 million payment cards around the world.

Thwarting three types of fraud

FICO Card Compromise Manager can alert card issuers to three types of fraud: card present, card not present, and ATM fraud. It works to find the source of any payment breach, using advanced analytics to list potential problems and provide an array of comprehensive action items to minimize losses and impact on customers.

TJ Horan, vice president of product management for FICO’s fraud solutions department, said the new product represents a step forward for fraud management. “Payment card fraud continues to rise as criminals adopt new, more sophisticated technology. Yet many card issuers are still using spreadsheets to determine the highest priorities for investigation.” Horan said that FICO’s Card Compromise Manager lets issuers “apply analytics and automation to reduce the impact of fraud on their customers and their bottom line.”

In combination with the FICO Falcon Platform merchants can reduce fraud losses, protect the reputation of their brand, and give customers a better experience, so they never have to go through the headache of getting that fraud alert call.

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