Detecting and stopping fraud for 20 of the world's top 25 financial institutions
Right now, leading institutions around the world trust Fair Isaac's Falcon® Fraud Manager to protect more than 1 billion active credit and debit cards. Why? They know they'll receive regular technological advances which will allow them to stay a step ahead of new and emerging fraud types. Protecting 65% of the world's credit cards, Falcon detects fraud with pinpoint accuracy via proven neural network models and other proprietary predictive technologies. Debit, credit, oil and retail card issuers in numerous marketplaces rely on Falcon Fraud Manager to detect and stop fraudulent transactions - and combat identity theft - in real time.
Proven Return-on-Investment
Falcon has a strong following for good reason. Fast return-on-investment. For example:
- Falcon recently helped an issuer cut monthly fraud losses by twice the amount of its monthly Falcon license fee, and pay for its total investment in Falcon - including implementation - in less than three months.
- A UK debit card issuer reduced gross fraud-to-turnover by 50% and cut gross loss per card from £5.87 to £2.70.
- A Canadian bank increased its fraud detection rate by 33% while lowering the false positive rate following implementation of Falcon over the previous solution it used.
How and why it works...
Fair Isaac understands every type of fraud in every type of market. With its introduction of Falcon in 1992, Fair Isaac has been credited by industry parties with taking the lead in significantly cutting overall fraud basis points. In fact, US fraud losses, as a percentage of sales, have declined from a peak of over 18 basis points in 1992 to 6.2 basis points in 2006 (according to the Nilson Report). And according to a recent report by Javelin Strategy and Research, significant decreases in credit card fraud are attributed to the use of sophisticated monitoring systems with neural networks, dynamic profiling, rules-based detection, clustering and predictive modeling.
At the core of Falcon are patented profiling technology and broad-based region- and portfolio-specific consortium models. These ensure the delivery of reliable fraud scoring at the lowest false-positive ratios in the industry. To help issuers further reduce fraud losses Fair Isaac delivers:
- Automated individual transaction analysis and transaction-based scoring for various regions.
- Seamless integration with institutional authorization systems around the world.
- Sophisticated rules management to respond quickly to new threats and effectively manage authorizations and workflow based on your organization's policies and practices.
- Comprehensive case management for quick and efficient investigation.
- Access to leading Fair Isaac merchant and device profiling technology for providing significant increases in fraud detection.
- Strategic and technology consulting such as health checks and benchmarking, product upgrades and interfaces with your other systems to maximize your investment.
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