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In today’s always-on digital world, people want things to happen quickly — and that includes financial transactions. To stop payment fraud, loss and inconvenience, it is essential to monitor transactions and make decisions in milliseconds. Transaction monitoring can help prevent fraud across payment mechanisms, including:
While stopping fraud is an important objective, it is also vital to ensure that legitimate customers can carry out their transactions with as little inconvenience as possible. Unnecessary delays can have significant implications for financial institutions, including:
Our real-time fraud monitoring solutions work across all payment types and channels. They assess transactions in real time and implement actions against those that appear suspicious. Layering different types of machine learning and advanced analytics, FICO uses artificial intelligence (AI) to help financial institutions:
The roll-out of real-time payment schemes — including The Clearing House Faster Payments in the USA, SEPA CT Inst in the Eurozone, the New Payments Platform in Australia and Real-Time Payment Rail in Canada — means that real-time, irrevocable payments are becoming ubiquitous across the world. The need to assess all types of payment transaction in real time has never been stronger.
This whitepaper presents the findings of an independent research project carried out by Ovum on behalf of FICO. Over 100 banks were interviewed about their plans to bring their financial crime compliance and fraud functions closer together...
Fintechs and challenger banks have put a dent in the financial services universe. By developing compelling new products, services and experiences, these companies have set a new standard and raised customers expectations. While traditional...
With any piece of legislation, an organization has to work out how far to go beyond simple compliance with the letter of the law. Payment Services Directive 2 (PSD2) and its associated Regulatory Technical Standards (RTS) is no different. This article looks at compliance with the Strong Customer Authentication (SCA) requirements of PSD2 from the perspective of a payment service provider (PSP) and asks the question: Is it worth going beyond the bare minimum?
Third-party risk management (TPRM) programs serve a wide variety of business needs. From vetting data processors to managing a growing list of cloud software providers, TPRM teams are searching for ways to simplify the due diligence process while sharpening their ability to identify cyber risk. The FICO® Cyber Risk Score can help.