Source: Fair Isaac
Fair Isaac Corporation (NYSE:FIC) today announced that eFunds Corporation, a leading provider of risk management, electronic payments and global outsourcing solutions, will deploy Fair Isaac's Falcon Fraud Manager 5.1 solution in its payment processing data centers.
eFunds is the first client to implement the newest version of the industry standard payment card fraud detection solution, which helps businesses streamline operations for even greater control over fraud losses.
Falcon Fraud Manager uses a combination of sophisticated neural network models, patented account profiling technologies, case management and flexible, user-definable intelligent rules to analyze payment card transactions for the most subtle signs of fraud, enabling financial institutions to take immediate measures to stop fraudulent transactions.
Version 5.1 features a complete redesign of the Falcon solution, including a new architecture and significant case and rules management technology enhancements. The new solution will allow eFunds to offer participating card issuers access to highly effective fraud prevention technology that enables them to streamline resources, achieve significant cost savings and maintain focus on card portfolio growth and enhanced customer service.
"Fair Isaac has been a valuable partner of eFunds in our ongoing efforts to provide reliable, advanced processing solutions that help financial institutions efficiently automate payment transactions and fraud prevention," said Rob Myhre, vice president of Electronic Funds Transfer (EFT) Processing at eFunds. "Our customers have expressed a strong interest in a solution that accurately scales with their increasing transaction volumes and provides more flexible rules capabilities, while continuing to deliver the highest level of cardholder fraud protection. Falcon 5.1 helps us to address these needs."
The latest version of Fair Isaac's Falcon Fraud Manager is built on a new modular platform that simplifies implementation, maintenance and future upgrades with less demand on eFunds' IT resources. Written in Java, with a Web-based workstation, Falcon 5.1 allows eFunds to offer its card issuers more flexibility for rules and case management in eFunds' multi-client environment. The enhanced solution also offers an expanded, configurable Application Program Interface (API), which provides users with more flexibility by enabling them to add their own custom variables.
"The fraud environment is constantly changing, and Falcon's adaptability to those changes ensures that it will continue to deliver great value to processors and card issuers around the world," said Sonja Schindeler, vice president of Fraud Solutions at Fair Isaac. "With Falcon 5.1, we have made the world's leading fraud detection solution even more powerful and adaptable. The highly flexible architecture will easily integrate with future fraud analytic technologies, allowing our clients to better leverage their investments while achieving all of their fraud control and growth objectives."
A key enhancement to Falcon 5.1 is the addition of the industry's leading rules management capabilities. A new Rules Editor feature, based on Fair Isaac Blaze Advisor, eliminates the limits on the number and length of rules. Rules can be easily tracked and modified to quickly react to changing market conditions and respond to new fraud trends.
New reporting technology with enhanced functionality also gives clients more ways to quickly and easily analyze data and monitor productivity. A redesigned case management system using an intuitive interface to the existing Falcon Scoring Engine - which continues to provide the most effective fraud detection analytics - allows users to streamline case handling and decisioning and process more cases per hour.
Fair Isaac's Falcon Fraud Manager is recognized as the leading global payment card fraud detection system, protecting more than 450 million active payment card accounts across six continents from fraud. Twenty of the top 25 financial institutions worldwide use Fair Isaac's fraud detection solutions.