15 December 2017
visit www.aciworldwide.com

HSBC first client for Fair Isaac fraud referral system

09 July 2003  |  4507 views  |  0 HSBC first client for Fair Isaac fraud referral system

HSBC Bank has signed as the first client to implement Fair Isaac's new 'Strategy Science' fraud referral system, designed to increase the number of approved credit card transactions while keeping losses under control.

The solution was introduced at the vendor's InterACT 2003 client conference in San Diego last month. The package has been developed in a bid to stem the number of false-postives, or transactions incorrectly flagged for investigation, using traditional scoring techniques.

According to Fair Isaac research, 70% of payment card transactions referred for fraud are not completed, at a cost of $60 in lost value for every $1 of fraud captured. The vendor says the implementation of its new methodology can reduce the amount of non-fraudulent transactions impacted to under $25 for every fraud dollar captured while keeping the total amount of fraud loss in check.

Under the agreement with Fair Isaac, HSBC will take data from its existing Falcon installation to simulate the effects of different fraud referral strategies on losses at the point-of-sale.

George Lennox, manager, group credit, at HSBC, comments: "The solution will enable us to further increase profitability by helping us make much more precise referral decisions at the point of sale."

HSBC will also utilise Fair Isaac's Fraud Consulting Services to help implement the solution.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Fair Isaac takes scientific approach to card fraud referrals

Fair Isaac takes scientific approach to card fraud referrals

10 June 2003  |  3690 views  |  0 comments

Related company news


Related blogs

Create a blog about this story (membership required)
visit www.niceactimize.comvisit www.aciworldwide.comvisit www.atos.net

Top topics

Most viewed Most shared
Deutsche Bank paper hails 'huge' blockchain potentialDeutsche Bank paper hails 'huge' blockchai...
10352 views comments | 17 tweets | 25 linkedin
satelliteRipple completes XRP Lockup
9681 views comments | 3 tweets | 2 linkedin
PSD2: Laying the regulatory foundation for a new age in paymentsPSD2: Laying the regulatory foundation for...
9104 views comments | 17 tweets | 36 linkedin
Alior Bank to use Open API platform and accelerator to create fintech marketplaceAlior Bank to use Open API platform and ac...
7672 views comments | 20 tweets | 11 linkedin
Australian Government amends AML rules to cover digital currenciesAustralian Government amends AML rules to...
7296 views comments | 15 tweets | 24 linkedin

Featured job

London, UK (or flexible)

Find your next job