"Veteran fraud management company FICO lives up to its reputation," the report stated. "FICO is one of the most long-standing fraud management companies; its product provides robust real-time, cross-channel interdiction and easy configuration of case management fields. It offers easy alert aggregation as well as integration with third-party reporting and analytical solutions using a published database schema. The company has a differentiated mobile and cloud partnering and extensive behavioral analytics strategy. FICO has a large vertical footprint in financial services/banking, insurance, retail, government, and telecom verticals."
Forrester's report cited the need for stronger defense systems in the face of staggering worldwide losses. "Forrester estimates that globally, merchants are paying between $200 billion and $250 billion in fraud losses annually, while banks and financial services organizations are losing between $12 billion and $15 billion annually," the report said. Companies struggle to balance tougher antifraud efforts with a positive customer experience, the report noted.
Forrester evaluated FICO® Falcon® Fraud Manager for this report, which ranked vendors along 15 criteria in the categories of current offering, strategy, market presence.
"I believe that this Forrester Wave report is a further validation of FICO's leadership in enterprise fraud management," said Doug Clare, vice president of product management at FICO. "We also see the need for enterprise fraud protection growing, driven in large part by the need to improve the customer experience. We continue to infuse FICO Falcon Fraud Manager and our other fraud offerings with innovations that provide customer-level fraud protection and counter the widest range of criminal attacks."
FICO® Falcon® Fraud Manager, which protects more than 2.5 billion payment accounts worldwide, is part of FICO's portfolio of solutions for enterprise fraud management. FICO was also recently awarded "best-in-class" status by CEB TowerGroup for card fraud and enterprise fraud management.
FICO (NYSE: FICO) delivers superior predictive analytics solutions that drive smarter decisions. The company's groundbreaking use of mathematics to predict consumer behavior has transformed entire industries and revolutionized the way risk is managed and products are marketed. FICO's innovative solutions include the FICO® Score — the standard measure of consumer credit risk in the United States — along with industry-leading solutions for managing credit accounts, identifying and minimizing the impact of fraud, and customizing consumer offers with pinpoint accuracy. Most of the world's top banks, as well as leading insurers, retailers, pharmaceutical companies and government agencies, rely on FICO solutions to accelerate growth, control risk, boost profits and meet regulatory and competitive demands. FICO also helps millions of individuals manage their personal credit health through www.myFICO.com. Learn more at www.fico.com. FICO: Make every decision count™.
For FICO news and media resources, visit www.fico.com/news.
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 December 31, 2012. 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 United States and in other countries.