Fidelity National Information Services Inc., a provider of banking and payments technology, has installed the FICO Falcon Fraud Manager 6 platform as part of its fraud alert management system.
The enhanced platform allows FIS to deliver reliable payment fraud detection and prevention services for its clients.
Considered to be the most robust fraud detection and prevention system offered by the Minneapolis-based decision management and technology company, the FICO platform has the ability to learn cardholder ATM and point-of-sale device behavior patterns as they evolve. The software includes global intelligent profiles that increase fraud detection by profiling high-risk ATMs, regions and other entities.
With this capability, FIS and financial institutions can set up an unlimited number of rules-based exceptions to help prevent fraud as it occurs.
“FICO Falcon Fraud Manager monitors transactions for more than 2.1 billion active accounts on six continents, and has helped our card issuer customers save many millions of dollars in fraud losses,” said Deborah Kerr, chief technology officer of FICO. “Like all our clients, FIS customers require nothing less than the best-available fraud detection technology. The FICO Falcon 6 platform delivers what they need, accurately and reliably, enabling them to devote more of their resources to business growth.”
Another way the company is protecting its clients through its Fraud Alert Management solution is by using FIS Secured. This is a fraud prevention solution that provides reimbursement of individual fraud losses over $50.
The FAM solution has the ability to adapt instinctively as new card and merchant data models are added. It can remember patterns, establish filters and get “smarter” as customers use it to make a transaction. By synthesizing credit, debit and prepaid transactions, the FIS fraud solution improves accuracy because it monitors the multiple types of card.
Currently, the FAM tool has prevented $600 million in fraudulent activity.
“The seamless integration of Falcon 6 with FIS’ fraud analytics and fraud experts will provide an unparalleled fraud management solution for the payments area,” said Frank D’Angelo, executive vice president of FIS Payment Solutions Group. “The enhanced functionality, coupled with FIS’ unique warranty expresses our commitment to protecting our customers. There is nothing in the marketplace that can protect them more.”
