Product Overview: FICO Falcon Fraud Manager
Introduction
FICO Falcon Fraud Manager is the industry-leading solution for detecting and preventing transaction fraud, trusted by over 10,000 financial institutions worldwide. This advanced platform is designed to protect a wide range of payment and financial products, including credit cards, debit cards, prepaid cards, commercial cards, digital payments, and other financial transactions.
Key Features and Functionality
Real-Time Transaction Protection
Falcon Fraud Manager monitors transactions end-to-end in real-time, integrating seamlessly with authorization and payment systems to assess the risk of fraudulent activity at the point of sale. This real-time scoring capability enables immediate action against suspicious transactions, significantly reducing fraud losses.
Advanced Analytic Techniques
The platform leverages patented analytic technology, including neural network models, cardholder profiling, and global entity profiling. These models synthesize intelligence from billions of transactions and hundreds of person-years of experience to identify fraud patterns with high reliability. The use of adaptive analytics allows the system to learn from case dispositions in real-time, enhancing its fraud detection capabilities.
Comprehensive Fraud Detection
Falcon Fraud Manager supports all types of transactions across various channels, including cards, retail banking, corporate banking, and digital payments such as Zelle, Venmo, and FedNow. It provides a unified platform for managing fraud related to multiple products, offering a 360° customer view to address fraud comprehensively.
Global and Region-Specific Models
The solution includes region and portfolio-specific fraud models that leverage data from FICO’s global consortium of financial institutions. These models are designed to address global and regionally specific fraud trends, ensuring high detection rates and minimal false positives.
Robust Rules Management
Falcon Fraud Manager features an industry-leading rules management system, powered by FICO Blaze Advisor. This allows financial institutions to define, test, and deploy rules independently, enabling quick responses to new threats and fine-tuning the fraud solution according to organizational policies and practices.
Efficient Case Management
The platform offers a web-based, user-friendly case management system that allows analysts to investigate referred accounts efficiently. It provides comprehensive information for quick and effective case disposition, boosting analyst productivity and the overall effectiveness of fraud operations.
Scalability and Deployment
Falcon Fraud Manager is highly scalable and can be deployed in various configurations, including cloud-hosted solutions, which reduce capital expenditure and resource costs. This makes it suitable for financial institutions of all sizes, from small banks to large multi-national banks.
Security and Compliance
The system ensures robust security with features like LDAP over SSL/TLS for user authentication and authorization. It is also compliant with regulatory standards such as PCI, ensuring that financial institutions meet their security and compliance requirements.
Benefits
- Enhanced Fraud Detection: Detects up to 50% more fraud than rules-based systems, with a significant reduction in false positives.
- Real-Time Protection: Stops fraudulent transactions at the point of sale, minimizing losses.
- Improved Customer Experience: Reduces the impact on legitimate customers while protecting against fraud.
- Increased Efficiency: Boosts analyst productivity and improves the effectiveness of fraud operations.
- Adaptive Learning: Continuously adapts to new fraud patterns through adaptive analytics and feedback from case dispositions.
In summary, FICO Falcon Fraud Manager is a powerful and comprehensive solution for transaction fraud detection and prevention, offering advanced analytics, real-time protection, and efficient case management, making it the industry standard for financial institutions worldwide.