FICO has introduced FICO Consumer Fraud Control, a new solution for banks that enables their cardholders to configure card usage controls and transactional alerts via the bank’s mobile app.
Building on FICO’s market-leading FICO® Falcon® Fraud Platform, Consumer Fraud Control allows consumers to easily shield themselves from potential fraud, as well as closely manage daily card use.
• Set controls on when, where and how their cards are used, such as blocking certain purchase types or cash withdrawals, setting maximum transaction amounts and restricting merchant types
• Customize real-time alerts or push notifications on their account and card activity, enabling them to monitor transactions in real time
• Monitor activity and instantly pause card function in the event of suspected fraud or loss
A 2014 study by Unisys found that 59 percent of Americans fear bank card fraud ” more than terrorism (47 percent) or disease epidemics (34 percent). A FICO study in late 2014 showed that more than half of consumers in the UK and the US wanted to use a mobile app to control the types of transactions and the dollar amounts allowed on their cards.
The FICO® Falcon Fraud Platform protects 2.5 billion payment cards worldwide, using advanced analytics and cardholder profiles. The solution is available now to global banks and card issuers who want to offer their customers greater peace of mind.
For data, background and forecasts on FICO: Search CardWeb.com’s CardFlash® Library of more than 58,000 archived articles; Access CardWeb.com’s CardData® for current and historical Performance, Portfolios, Profiles, etc. Visit RAM Research® (ramresearch.com) for quarterly and annual forecasts covering more than 150 metrics. [complimentary or deeply discounted access to CardWeb.com subscribers].
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