FICO has announced the launch of FICO Card Compromise Manager, an anti-fraud solution that proactively detects and prioritizes compromised merchants and data breaches or theft involving card data.
According to a press release publicizing the news, Card Compromise Manager detects card present, card not present and ATM fraud faster than the usual manual methods. For merchants, the new solution uses an organization’s FICO Falcon data and applies advanced analytics and graph analytics to detect compromises, allowing organizations to reduce credit card fraud losses, protect brand reputation, gain efficiencies and improve the customer experience.
For consumers, Card Compromise Manager will instantly analyze an issuer’s entire card and credit score portfolio, using unsupervised analytics and adaptive behavioral analysis to assess all transactions for potential identity compromise. The quick analysis will enable consumers to take action faster in order to minimize losses from identity thieves.
“Payment card fraud continues to rise as criminals adopt new, more sophisticated technology,” said TJ Horan, vice president of product management for FICO’s fraud solutions. “Yet many card issuers are still using spreadsheets to determine the highest priorities for investigation. With Card Compromise Manager, issuers can apply analytics and automation to reduce the impact of fraud on their customers and their bottom line. The integration with Falcon creates the ideal platform for detecting any kind of fraud risk, faster.”