Source: Fair Issac
Fair Isaac Corporation (NYSE:FIC), the leading provider of analytics and decision technology, today announced the launch of Falcon ID, an enhanced identity fraud detection solution fueled by Fair Isaac's industry-leading predictive analytics and multiple sources of identity-validating data.
The solution leverages and expands upon Fair Isaac's established global technology leadership in fraud and ID fraud detection and control. Falcon ID delivers a comprehensive and proven approach to preventing identity fraud, reducing losses and protecting consumers for any industry in which identity verification is critical - including financial services, retail credit, telecommunications, healthcare, insurance and mortgage lending. It enables businesses to achieve new levels of effective identity theft detection by applying an unprecedented depth of predictive data from both internal and external sources, and delivers real-time determination of identity fraud risk while clearing away suspicion of genuine customers.
"Falcon ID represents very good news for businesses in many industries that are working to protect their customers from identity fraud, and very bad news for their common enemy, the perpetrators of ID fraud," said Ted Crooks, vice president of Identity Protection Solutions at Fair Isaac. "Fair Isaac's proven analytics, unique mix of data sources and efficient tools for human reviewers combine to create an unprecedented value proposition. We are positioned well to answer the call from financial services, retail, telecommunications, and other industries for a precise, accurate and all-encompassing identity fraud solution."
Falcon ID's unique capabilities include the real-time sharing of critical information between companies in the same industry -- and across different industries -- to detect when an identity is compromised. This most sensitive detection is coupled with an efficient case management capability to enable manual review of risky accounts with the lowest false positives in the industry.
It also provides organizations with cost savings and more control over their data investments by enabling them to buy only the types and amounts of data that match their specific fraud detection requirements. Decisions about when and which data to obtain are made on a case-by-case basis in real time using the industry's best neural network technology and cost/benefit analysis.
Falcon ID evaluates transactions throughout the customer lifecycle, and detects identity fraud at any point where an identity is susceptible to compromise -- including the points of application, account activation, account management and even during collections. It also can be used to evaluate and manage account decisions when consumers initiate account actions such as a change of address or a new telephone line. In addition, Falcon ID features a sophisticated case management system and authentication interview service that helps facilitate investigation when an identity compromise is detected.
Falcon ID is cost-effective and easy to implement because it builds upon and integrates with existing infrastructure and technology investments. It can be easily integrated with other Fair Isaac solutions, such as Falcon Fraud Manager, TRIAD adaptive control system, Capstone® Decision Manager, LiquidCredit service for Telecom and Fraud Analytics for Telecom. Current Falcon users can realize significant savings, as Falcon ID uses Falcon's existing transaction environment. Falcon ID also can be integrated with solutions from other providers, and can be completely customized to meet each user's unique business objectives. It may be installed as an ASP service or at the client's site.
Falcon ID also offers Real-Time Collaboration, which enables the anonymous sharing of suspicious activity between businesses and industries in a secure, real-time environment. For example, a business evaluating a new credit application can now evaluate that application armed with insight into suspicious activity identified in other businesses across industries. The resulting broader view of potential fraud linked to an identity provides a powerful tool for determining the likelihood of fraud in a current activity.