Source: Fair Isaac
Fair Isaac Corporation (NYSE:FIC), the leading provider of analytics and decision technology, announced today the release and immediate availability of the Falcon One system, a new enterprise software solution for effectively combating both existing and emerging types of fraud at every customer touchpoint.
Falcon One is the latest advancement of Fair Isaac's industry-standard analytic technologies for detecting fraud and identity theft.
The Falcon One system helps financial institutions address every type of customer and account fraud within an organization through a configurable set of detection, case management and analytic capabilities. A unified, flexible infrastructure enables multiple fraud solutions across different channels and lines of business to work together, sharing data and system services to deliver unprecedented levels of fraud protection. Credit issuers can enhance existing fraud technology investments or add new solutions to detect and stop new types of fraud faster, while minimizing the impact on customers.
"With the complexity of the current business environment and the growing sophistication of fraud perpetrators, gaining control of fraud losses requires an enterprise-wide approach," said Ted Crooks, vice president of Fraud Protection Solutions at Fair Isaac. "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 market-leading Falcon technology, which has been successfully used to fight fraud for 15 years and includes the company's patented neural network models and profiling technology. Fair Isaac currently offers several key solutions within the Falcon One infrastructure, including Falcon Fraud Manager for credit card and debit card transaction fraud, and Falcon ID solution for identity fraud protection. These solutions can be deployed individually to address a particular fraud type, or in combination to achieve an additional lift in fraud detection power.
"Fair Isaac's Falcon One platform simplifies the management of a very complex problem within financial institutions - the ever-changing nature of fraud," said Sophie Louvel, analyst at Financial Insights. "The traditional approach to fraud will not work against new fraud schemes that emerge on a daily basis. Improved collaboration between bank departments will help banks respond more quickly to new fraud schemes, further reducing the risk of loss."
Credit grantors can leverage their existing fraud management technology and resource investment - such as an existing check fraud solution - 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/current account fraud, online banking fraud, phishing, mortgage fraud, bust-out and internal/employee fraud.
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 consistent review process to help resolve suspected fraud cases. The Falcon One infrastructure offers several additional services, including dynamic data optimization, real-time data sharing and continually updated profiling of customers, merchants and institutions. These services provide lenders with the most current data for their fraud management system and guard against misuse of account and identity data before losses mount.