Proximity Location Service, a defense to bank fraud
FICO has announced the availability of a proximity location service that identifies the physical location of the user’s mobile phone credit card with the geographical location of the ATM or trade in which a transaction is being conducted with the aim of improving security payments and avoid any kind of fraud. The FICO Proximity-Location Service that is part of FICO solution Fraud Resolution Manager-enables automatically block a transaction or card in case of fraud.
During the tests performed with different service customers in the UK, the performance capability of the solution reduced false positives (legal transactions investigated by their patterns of potential fraud) in international operations by up to 70%.Several UK banks are already developing plans to implement this service FICO, which has been developed in collaboration with ValidSoft, a subsidiary of Elephant Talk Communications. “Customer service is one of the most important time to protect the user from possible fraud tools,” says Gabriel Hopkins, senior director of FICO. “The banks are trying to adapt a successful strategy to reduce fraud without the customer frustrated by conflicts or errors on your cards, especially when it comes to users who often travel abroad and rely on their cards. FICO’s new service reduces these ratios of frustration, since it largely removed the situations in which the card is rejected for possible fraud. ”
FICO Fraud Resolution Manager is an automated service that processes and bidirectional communications fraud through data analysis, advanced decision management and customer involvement. Allows banking entities to treat high volumes of cases simultaneously, improving outcomes and adapting customer activities to reach a suitable resolution in seconds. FICO Falcon Fraud Resolution Manager integrates seamlessly with FICO Falcon Fraud Manager, the management platform frauds most important market, which protects more than 2,500 billion transactions each year credits.