FICO Falcon Fraud Manager 6.0 debutsMortgagePress.comFICO, credit scores, Falcon Fraud Manager 6.0, fraud detection, FICO Decision Management Suite
FICO" (NYSE: FIC), the leading provider of analytics and
decision management technology, has announced the general
availability of Falcon Fraud Manager 6.0. This marks an important
industry milestone, as it is the first payment card fraud
management solution to incorporate adaptive analytics, an
innovation that accelerates financial institutions ability to spot
new fraud patterns and prevent them from causing extensive damage.
Early response to this innovation has been enthusiastic, with
multiple projects already underway, including an installation at a
major, U.S.-based credit card issuer.
"In this era of rapidly changing fraud patterns, entirely new
fraud methods and flash fraud incidents, Falcon 6.0 enables our
clients to deploy self-learning models that adjust immediately to
minimize losses," said Doug Clare, vice president for product
management at FICO. "Additionally, by combining adaptive analytics
with our robust and proven consortium models, Falcon users benefit
from an 'adaptive cascade' that provides the best of both worlds:
immediate adaptability along with stability and dependability."
Besides incorporating adaptive analytics technology, FICO Falcon
6.0 expands FICO's patented fraud detection and profiling
techniques by introducing global intelligent profiles to monitor
high-risk ATMs, merchants, risky geographic regions and other
relevant entities. Falcon 6.0 also includes new detection and case
management capabilities relevant to retail banking lines of
business such as demand deposit/current accounts. Extensive testing
with client data has shown these innovations yield up to 44 percent
improvement in detection model performance, translating to
increased fraud detection with fewer false-positives.
"It's important to keep up with rapid changes in fraud attack
methods that static models may not know about," said Avivah Litan,
vice president and distinguished analyst, Security and Privacy, at
Gartner. "Fraud detection systems must be flexible and agile enough
to stay ahead of criminals by adopting and adapting to the newest
methods and patterns."
FICO Falcon Fraud Manager 6.0 is the second element of the FICO
Decision Management Suite, a set of applications sharing a common
architecture that allows financial institutions to connect
decisions across the customer lifecycle. Falcon 6.0 makes extensive
use of this new services oriented architecture, including a common
data model, case management and rules management components.
Falcon Fraud Manager 6.0 was introduced in limited availability
in December 2008 with the release of the Scoring Server module. The
new general availability release adds an improved rules management
module, based on FICO's Blaze Advisor. Additional modules for
enterprise case management, models tailored for retail banking
fraud detection and other functionality will be deployed later this
For more information, visit www.myFICO.com.