FICO adds platform to tackle digital payments fraud
Fair Isaac Corp. has added a platform alongside its 25-year-old FICO Falcon fraud-detection solution for credit and debit cards that aims to ferret out risky and fraudulent real-time payments.
FICO Falcon X is cloud-based and leverages artificial intelligence and machine learning to streamline fraud detection and anti-money laundering processes on expanding volumes of real-time payments, FICO said in a Monday press release.
The solution is separate from FICO’s core Falcon platform and specifically targets digital payments occurring in real time, the release said.
“The worldwide rollout of real-time payments — including P2P transfers and mobile payments — has given rise to criminal threats that thrive on the fact that these payments are often irrevocable,” said Jason Keegan, FICO’s general manager of fraud, security and compliance, in the release.
FICO developed Falcon X to work in combination with existing tools including FICO Financial Crimes Studio and InstantML so financial institutions may rapidly build scalable fraud-detection models, the release noted.