Nov 11, 2013
Singapore, November 6th 2013 - FICO, a leading predictive analytics and decision management software company, today announced the availability of a proximity correlation service for credit and debit card issuers aimed at improving the safety of payment card transactions. The FICO® Proximity Location Service, part of FICO® Fraud Resolution Manager, compares the physical location of a cardholder’s registered mobile phone against the location of the ATM or point-of-sale terminal where the card is being used. Based on the proximity, a cardholder account can be blocked or cleared for further activity.
In trials of the service with UK card accounts, the ability to perform this proximity matching reduced the number of “false positives” (genuine transactions investigated because they appear to be fraudulent) on international transactions by as much as 70 percent. Several UK banks are now developing deployment plans for the new FICO service, which has been developed in partnership with ValidSoft, a wholly owned subsidiary of Elephant Talk Communications Corp.
“Customer service is one of the driving forces behind improving fraud protection today,” said Gabriel Hopkins, senior director, Product Management at FICO. “Banks are trying to perfect a tricky balancing act – protect customers without causing undue frustration for cardholders who travel or who use their cards in new locations. Proximity correlation adds a powerful new tool that can help banks eliminate a great source of frustration for their customers who travel. With this service, cardholders can use their cards in other countries with significantly lower risk of being declined.”
FICO® Fraud Resolution Manager is an automated, two-way communications service that processes fraud cases by leveraging intelligent data assessment, advanced decision management and customer intervention. It gives organizations the scalability to process high volumes of cases simultaneously, performing investigations, shaping customer action and contact strategies, and reaching resolution in seconds. FICO Fraud Resolution Manager can be seamlessly integrated with FICO® Falcon® Fraud Manager, the world’s leading platform for credit fraud management, which protects 2.5+ billion card transactions a year.
Re-disseminated by The Asian Banker