CCR Magazine

CCRi banner ad
You are here  :Home arrow News arrow New FICO Solution Helps Banks Empower Consumers to Fight Fraud
Contact Us Newsletter Signup RSS Feeds

Latest News Headlines

Headlines

 
Commercial Credit News

Headlines

 
New FICO Solution Helps Banks Empower Consumers to Fight Fraud PDF Print E-mail
Wednesday, 05 August 2015

FICO, the analytics and decision management software company, today introduced FICO® Consumer Fraud Control, a new solution for banks that enables their cardholders to configure card usage controls and transactional alerts via the bank’s mobile app.

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.” 

FICO has led payment card fraud protection for more than 20 years. The FICO® Falcon Fraud Platform protects 2.5 billion payment cards worldwide, using advanced analytics and cardholder profiles.

The solution is available now to global banks and card issuers who want to offer their customers greater peace of mind.  More information: http://www.fico.com/en/products/fico-consumer-fraud-control <http://www.fico.com/en/products/fico-consumer-fraud-control> .

(Source - FICO Press Release)
 

 
CCRI
3 October - Guoman Tower Hotel, Central London 

CCRInteractive, in association with Marston Holdings , is the largest and leading one-day conference from the publishers of CCRMagazine – a truly national and international event for the credit industry.

This landmark event allows delegates to: Learn best practice of how to increase profitable sales in today’s economy. Understand the key compliance issues and how they will impact upon you. Discuss the legislative and regulatory framework and how it will effect you. Consider the potential effects of Brexit on your business. Discover the latest innovations in the market to improve your collections. Motivate your staff to achieve ever improved results.

To book to attend in 2017, contact Stephen Kiely  or Alison Lucas. To find out more about being part of this landmark event, please contact Gary Lucas
CCRI 

 Forums International Ltd

Forums International Ltd

 Attendance at your first meeting is free of charge, and please quote reference 'CCR2016' to receive the special 10% discount off of your first annual subscription.

Find out more here.

latest issue

CCR Cover

The latest edition of CCR Magazine, the leading editorial publication in the UK credit industry, is out.

Read the latest issue online

The Credit Excellence Awards

Awards 

Tuesday 3 October - Guoman Tower Hotel, Central London


Do not miss your chance to meet and network with the Winners and Finalists at the Credit Excellence Awards, in association with Hoist Finance.


To book your place to attend, please contact Alison Lucas.


subscriptions

CCR is the premier magazine for consumer and credit professionals. It provides an independent voice to the industry, breaking major news stories and running in-depth features.

As a magazine, it works with and campaigns on behalf of the credit industry to promote its importance as a centre of potential profit and business development to the wider business world.

Subscribe to CCR Magazine

CCR World Magazine


 

Providing information and analysis for thousands of senior credit professionals worldwide, every quarter.

Find out more

GTS Media Ltd
81 Cambridge Road
Southend-on-Sea
Essex
SS1 1EP

Registered in England No: 05483197