FICO Falcon Fraud Manager 6.3 Prevents Electronic Payments Fraud

FICO, the leading provider of predictive analytics and decision management technology, announced the availability of the latest version of the industry-leading payment fraud solution, FICO® Falcon® Fraud Manager 6.3. The new version protects consumers’ card and demand deposit (DDA) /current accounts from various forms of payment fraud, including e-payments fraud. Already the leader in card fraud protection, FICO Falcon Fraud Manager now applies FICO’s dynamic profiling capability, neural network analytics and self-calibrating models to protecting individuals’ DDA/current accounts – all while helping banks deliver a positive customer experience.

The proliferation of electronic payments and mobile banking poses several challenges to financial institutions, including managing fraud and reputational risk, retaining operational efficiency and preserving customer experience. Falcon 6.3 enables financial institutions to leverage self-learning behavioral analytics to detect and prevent electronic payment fraud in real time. By taking advantage of FICO Falcon Fraud Manager’s advanced behavioral analytics, card issuers, processors and retail banks can improve the customer experience and operational efficiency by accurately and efficiently detecting suspicious out-of-pattern payments as well as automating real-time decisions on genuine payments. Financial institutions can also meet regulatory requirements by integrating sophisticated behavioral analytics for remote banking as well as leveraging a single transaction monitoring, investigation and decision-enabling solution within their enterprise fraud defense framework. 

“Launched 20 years ago, FICO Falcon Fraud Manager continues to lead the market as the best-in-class solution for detecting and preventing payment fraud across evolving and changing channels,” said Doug Clare, vice president of product management at FICO. “As financial institutions offer their customers new online banking services, Falcon Fraud Manager will be on guard for fraudulent transactions, helping the banks provide greater safety and a hassle-free customer experience.”

“Internet and mobile banking provide customers the ability to bank anywhere and anytime, as well as an opportunity for financial institutions to reduce operating costs,” said CEB TowerGroup research director Jason Malo. “As customers bank across many different channels, it is essential for financial institutions to assess and confront account risk based on the transaction request and method by which the transaction is initiated.”

FICO® Falcon® Fraud Manager is the most accurate and comprehensive solution for detecting payment fraud, reducing losses by up to 50 percent. Protecting more than 2.5 billion payment accounts worldwide, Falcon Fraud Manager detects fraud while minimizing both operational costs as well as adverse customer impacts.

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