Highlights:

• Building on FICO’s market-leading FICO® Falcon® Fraud Platform, Consumer Fraud Control allows consumers to easily shield themselves from potential fraud, as well as closely manage daily card use. Cardholders can:
• Set controls on when, where and how their cards are used, such as blocking certain purchase types or cash withdrawals, setting maximum transaction amounts and restricting merchant types
• Customise real-time alerts or push notifications on their account and card activity, enabling them to monitor transactions in real time
• Monitor activity and instantly pause card function in the event of suspected fraud or loss

“These controls do more than just protect against fraud,” said TJ Horan, vice president of fraud solutions at FICO. “They enable concerned consumers and active budget managers to control how their cards are used. This is the easiest and most comprehensive solution of its type, and we’re making it available to our banking partners. The extra layer of protection may increase a cardholder’s spending levels, improve the bank’s share of wallet, and increase engagement with the bank’s mobile app.”

A 2014 study by Unisys found that 59 percent of Americans fear bank card fraud — more than terrorism (47 percent) or disease epidemics (34 percent). A FICO study in late 2014 showed that more than half of consumers in the UK and the US wanted to use a mobile app to control the types of transactions and the dollar amounts allowed on their cards.

“Banks have found tremendous value in our FICO® Score Open Access program, which provides banks’ consumers greater transparency and understanding by sharing the FICO Scores the lenders use,” said Geoff Smith, vice president for consumer solutions at FICO. “FICO Consumer Fraud Controls now enables banks to further empower consumers by helping them protect and manage their credit and debit cards.”