FICO has also been named a best-in-class provider of enterprise fraud management in recent reports by CEB TowerGroup and Forrester.
"FICO's advanced analytics capabilities use neural network models, outlier models, and real-time capabilities to improve detection at a macro level," the report states. "The analytics are adaptive so that they can be updated to reflect feedback, without requiring rule changes. The analytics also leverage consortium data and a fraud alert network to improve detection rates. The rules-based strategy management application is flexible and client-defined to adapt to new frauds, and provides users with the ability to build their own client-defined profiles to adapt strategies to new frauds."
"Firms need to make the best use of technology available to support improved anti-fraud strategies," said Peyman Mestchian, managing partner at Chartis. "They need to find vendors that can offer them real-time, advanced analytics systems that can integrate with other key risk and banking systems, such as other financial crime solutions, operational risk, and customer intelligence. FICO's innovations and recent acquisitions make it one of the most important companies in fraud management."
"Chartis' report validates the strength of our fraud offerings, and our continued push to expand the frontiers of analytics-based fraud protection," said T.J. Horan, who manages FICO's fraud solutions. "With our recent acquisitions of Adeptra and Infoglide, we have added new customer engagement capabilities to resolve suspected fraud and improve customer satisfaction, and social network analysis technologies that fortify our industry-leading fraud detection."
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.
FICO (NYSE: FICO) is a leading analytics software company, helping businesses in 80+ countries make better decisions that drive higher levels of growth, profitability and customer satisfaction. The company's groundbreaking use of Big Data and mathematical algorithms to predict consumer behavior has transformed entire industries. FICO provides analytics software and tools used across multiple industries to manage risk, fight fraud, build more profitable customer relationships, optimize operations and meet strict government regulations. Many of our products reach industry-wide adoption — such as the FICO® Score, the standard measure of consumer credit risk in the United States. FICO solutions leverage open-source standards and cloud computing to maximize flexibility, speed deployment and reduce costs. The company also helps millions of people manage their personal credit health. FICO: Make every decision count™. Learn more at www.fico.com.
For FICO news and media resources, visit www.fico.com/news.
Chartis is the leading provider of research and analysis on the global market for risk technology. Its goal is to support enterprises as they drive business performance through better risk management, corporate governance and compliance. Chartis helps clients make informed technology and business decisions by providing in-depth analysis and actionable advice on virtually all aspects of risk technology.
RiskTech QuadrantTM is a registered trade mark of Chartis Research limited.
Chartis Research is authorized and regulated by the Financial Conduct Authority (FCA) for providing investment advice - (www.chartis-research.com).
Statement Concerning Forward-Looking Information
Except for historical information contained herein, the statements contained in this news release that relate to FICO or its business are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including the success of the Company's Decision Management strategy and reengineering plan, the maintenance of its existing relationships and ability to create new relationships with customers and key alliance partners, its ability to continue to develop new and enhanced products and services, its ability to recruit and retain key technical and managerial personnel, competition, regulatory changes applicable to the use of consumer credit and other data, the failure to realize the anticipated benefits of any acquisitions, continuing material adverse developments in global economic conditions, and other risks described from time to time in FICO's SEC reports, including its Annual Report on Form 10-K for the year ended September 30, 2012 and its last quarterly report on Form 10-Q for the period ended March 31, 2013. If any of these risks or uncertainties materializes, FICO's results could differ materially from its expectations. FICO disclaims any intent or obligation to update these forward-looking statements.
FICO, Falcon and "Make every decision count" are trademarks or registered trademarks of Fair Isaac Corporation in the US and other countries.