LONDON--(Business Wire)--
Fair Isaac Corporation (NYSE:FIC), the leading provider of
analytics and decision management technology, has announced the
availability of a new, tailored anti-fraud solution for the
anticipated UK Faster Payments initiative. Falcon(R) Transfer, whose
patented profiling technology employs the same mathematical techniques
used in missile interception to identify fraudulent activity, can
react according to user-defined business rules, in just 200
milliseconds. This solution allows financial institutions to roll out
Faster Payments services in real-time without increased risk of being
successfully targeted by criminals.
Robert Duque-Ribeiro, VP & Managing Director, EMEA at Fair Isaac
explains, "The UK Faster Payments initiative has been endorsed by the
top UK banks representing more than 95% of all UK electronic
transactions, and consumers are looking forward to same-day electronic
funds transfer starting May 2008. So does Faster Payments mean faster
fraud? In anticipation of Faster Payments, Fair Isaac has developed a
fraud solution to prevent criminals who may try to exploit the
real-time speed of Faster Payments for their own profit." He
continues, "Fair Isaac has a 50 year track record of success in
helping banks to identify and prevent a dizzying array of fraud, so we
are ideally positioned to help our customers minimize the risks and
maximize the opportunities associated with Faster Payments."
"The introduction of Faster Payments sees a system that moves the
UK from laggards to clear leaders in terms of speed," said Gareth
Lodge, Senior Analyst, European Banking & Payments, TowerGroup. "With
transactions being processed in near-real time, banks will need to
ensure that they have the processes and systems in place to ensure
that Faster Payments doesn't simply mean Faster Fraud. With Standing
Orders up to GBP 100,000 being irrevocably processed, and processing
taking place "24/7/365", banks need to be on their guard as the scheme
will undoubtedly become the attention of fraudsters looking for
weaknesses."
Falcon Transfer was created by expanding on the proven
capabilities of Fair Isaac's Falcon(R) Fraud Manager, which monitors
more than 1.5 billion active payment cards world-wide. Using
analytics, business rules and case management tools, Falcon Transfer
is able to offer the real-time fraud protection required for Faster
Payments thanks to Fair Isaac's modeling technology which supports
rapid data analysis and non-linear modeling of transactions to spot
anomalies in behaviour which could point to fraud. Falcon Transfer
also reviews both the sender's and receiver's account profile. If it
detects signs of fraud, a bank can stop the payment immediately and
send it to a fraud analyst for further review.
Fair Isaac also is encouraging a community approach to halting
Faster Payments fraud in its tracks. "By working together as an
industry to share data on high-risk profiles and establish hot lists
for transaction screening, the banking industry will have a much
better chance of nipping new potential avenues of fraud in the bud,
before they have a chance to develop," concludes Duque-Ribeiro.
About Fair Isaac
Fair Isaac Corporation (NYSE:FIC) transforms business by making
every decision count. Fair Isaac's Decision Management solutions
combine trusted advice, world-class analytics and innovative
applications to give organizations the power to automate, improve and
connect decisions across their business. Clients in 80 countries work
with Fair Isaac to increase customer loyalty and profitability, cut
fraud losses, manage credit risk, meet regulatory and competitive
demands, and rapidly build market share. Fair Isaac also helps
millions of individuals manage their credit health through the
www.myFICO.com website. Learn more about Fair Isaac at
www.fairisaac.com.
Fair Isaac Statement Concerning Forward-Looking Information Except
for historical information contained herein, the statements contained
in this press release that relate to Fair Isaac, including statements
regarding its Faster Payments fraud solution and Falcon(R) product
offerings, and the benefits to be derived from these offerings, are
forward-looking statements within the meaning of the "safe harbor"
provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements are subject to risks and
uncertainties that may cause actual results to differ materially,
including any unforeseen technical difficulties related to the
implementation, use and functionality of the offering, the risks that
customers will not perceive material benefits from the offering,
failure of the product to deliver the expected results, the
possibility of errors or defects in the offering, regulatory changes
applicable to the use of consumer credit and other data, and other
risks described from time to time in Fair Isaac's SEC reports,
including its Annual Report on Form 10-K for the year ended September
30, 2007, and its quarterly report on Form 10-Q for the period ended
March 31, 2008. Forward-looking statements should be considered with
caution. If any of these risks or uncertainties materializes or any of
these assumptions proves incorrect, Fair Isaac's results could differ
materially from Fair Isaac's expectations in these statements. Fair
Isaac disclaims any intent or obligation to update these
forward-looking statements.
Fair Isaac and Falcon are registered trademarks of Fair Isaac
Corporation in the United States, the European Community Trademark
Office and in other countries. Other product and company names herein
may be the trademarks of their respective owners.
Fair Isaac Corporation
Media:
Steve Astle, 415-446-6204
stephenastle@fairisaac.com
Copyright Business Wire 2008
