Developed by the world leader in fraud detection, Fair Isaac's enterprise fraud solutions and professional services are used by thousands of organizations to combat multiple fraud schemes. Fair Isaac solutions are saving institutions hundreds of millions of dollars every year in a variety of industries, from financial services to telecom, healthcare, insurance and government.
Where is fraud?
Everywhere.
Fraudsters have become more sophisticated and organized than ever. Their rewards are greater while the risks of getting caught are smaller. And because fraud can be a significant cost to doing business, directly impacting the bottom line, it is imperative that organizations deploy the most effective tools and best practices to combat fraud.
When can I prevent fraud?
Throughout the account lifecycle.
You can detect fraud instantly and act to prevent losses when accepting new customers, during transactions and while serving existing accounts. Fair Isaac enterprise fraud solutions provide you with comprehensive protection while reducing costs and minimizing impact on legitimate customers. Fair Isaac's industry leading fraud management solutions give you a systematic and detailed approach to detect and curb fraud before losses mount.
Fair Isaac's proven fraud analytics-which protect 65% of the world's credit cards-reliably detect and effectively stop fraud. They allow you to address risk throughout the account lifecycle and stop fraud at the earliest possible stage.
How can I prevent fraud?
With Fair Isaac's solutions and professional services.
Fair Isaac's enterprise fraud solutions can address virtually any fraud type with advanced analytics, user friendly software, leading rules management, and operational best practices. We offer solutions, both directly and through our partners, to address the most common and costly types of fraud hurting today's businesses, as well as custom solutions to tackle specific fraud pains that may be unique to a particular institution.
Fair Isaac's fraud solutions utilize sophisticated neural network models and patented cardholder profiling to give you the most advanced fraud detection capabilities available. You can benefit from the learnings of millions of transactions by deploying a consortium model designed specifically for your region and transaction type, or a custom model trained specifically on your own data, while still leveraging Fair Isaac fraud expertise.
Combining tools and best practices, Fair Isaac offers fraud consulting services to ensure you are optimizing your fraud shop. Our expert fraud consultants, with years of fraud strategy and operational management experience, work with you to review the state of your fraud management methods and put into place fraud strategies-such as setting score cutoffs and review priorities-that maximize the benefits of your software solution and other operational tools. You have the advantage of having some of the world's most experienced fraud experts on your team.
What are the costs of fraud?
Significant-both financial and operational.
Fraud can negatively impact every aspect of your business. Fraud losses, while costly, are just the most evident part of the fraud problem. Hidden costs include:
- Higher operational costs for staff employed to combat fraud. The more manual your processes are, the higher your operational costs and the slower your response time.
- Higher credit and bad debt losses from misclassified fraud losses that end up in collections.
- Erosion in customer confidence and potential loss of customers.
- Lower revenues from unnecessary rejection of good customers.
In order to avoid these costs while minimizing actual fraud losses, it is important to deploy the most effective fraud management tools and operational best practices.
What are the benefits of effective fraud management?
Increased profitability, improved customer service, and more business.
You should move swiftly to give every product line and point of contact the highest level of fraud protection. Using predictive data, patented account profiles, alerts, effective rules, and advanced technology you can achieve strengthened protection. Your potential benefits include:
- Reduced fraud losses. Effectively using a fraud management system can reduce your fraud losses by 50% or more (performance depends on initial fraud levels and systems used).
- Lower false positives. With reliable solutions in place, you can avoid the negative impact on good customers and applicants.
- Enterprise-wide protection. Ensure your business is protected across account types to extract the most benefit.
- Greater operational effectiveness. Use fraud staff more effectively; greater organizational effectiveness can reduce costs 10%-25% against the same level of fraud.
- More effective marketing. Having a higher standard of protection against fraud allows you to use more marketing channels with greater confidence, increasing the ROI of marketing programs.
Who Can Significantly Reduce Fraud?
Any business that faces the threat of fraud.
Fair Isaac offers a range of enterprise fraud solutions and professional services to combat multiple fraud types. Examples include:
- Fair Isaac's Falcon® fraud solutions help protect more than 65% of the world's credit cards, and are used by 22 of the top 25 banks in the world.
- Our ATM and debit fraud solution CardAlert Fraud Manager is used by the majority of ATM networks in the US, protecting most banks' ATM operations and exposing some of the largest and most damaging ATM fraud schemes in the past decade.
- Our telecom solutions are used by some of the largest telecom service providers in the world to successfully reduce subscription and roaming fraud.
- Online merchants are experiencing significantly lower fraud losses, higher revenues from secure business and lower chargebacks with Fair Isaac's Falcon Fraud Manager for Merchants.
- Fair Isaac's healthcare fraud solutions are used by both commercial payers and government programs to expose fraud in the pre- and post-payment stages, saving these institutions millions of dollars every year.
Looking for more information on solutions for fraud management?
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Visit our Faster Payments solution area to learn more about how Fair Isaac can help detect and stop fraud in account transfers.