Fair Isaac Helps Detect Fraud Clues
Fair Isaac Corp., a provider of analytics and decision technology, has released Falcon One, a new software solution designed to help financial institutions combat existing and emerging types of fraud at customer "touch points" across a lender's entire enterprise.
Fair Isaac said the Falcon One system uses a configurable set of detection, case management and analytic capabilities to detect potential customer and account fraud.
"With the complexity of the current business environment and the growing sophistication of fraud perpetrators, gaining control of fraud losses requires an enterprisewide approach," said Ted Crooks, vice president of fraud protection solutions at Fair Isaac, in a press release. "Incorporating the Fair Isaac fraud technology that protects two-thirds of the world's credit cards today, the Falcon One system provides financial services providers with essential connections and flexibility to reduce the impact of fraud at every point of customer contact."
The Falcon One system leverages Fair Isaac's Falcon technology, which has been used to fight fraud for 15 years, and includes the company's patented neural network models and profiling technology.
Fair Isaac said that credit grantors can leverage their existing fraud management technology and resource investment across the enterprise to help reduce operational costs and maximize return on investment. In addition, custom fraud detection solutions can be built using the credit grantor's data to address any fraud type, including demand deposit account or current account fraud, online banking fraud, phishing, mortgage fraud, bust-out and internal/employee fraud, the company said.
Each Falcon One solution includes a detection component, which determines the likelihood that a particular activity is fraudulent and provides a fraud score, and a case management component, which guides the analyst through a review process to help resolve suspected fraud cases.
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