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August 26, 2014

FICO launches low-cost Falcon Fraud Manager 6 for smaller businesses

Predictive analytics company FICO has extended its Falcon platform for fraud detection to encompass enterprise fraud management.

By Anna Milne

Predictive analytics company FICO has extended its Falcon platform for fraud detection to encompass enterprise fraud management.

The extended platform provides a modular service for real-time fraud protection across multiple payment channels, products and services, more suited to smaller businesses.

FICO said Falcon Fraud Manager 6 enables businesses of any size to save up to 75% on fraud protection due to being able to build a bespoke service without paying for a multi-channel service they will not make full use of.

The platform uses FICO’s decision management architecture to track the customer’s decisions and behaviour, identifying suspicious patterns and generating a score representing the likelihood of fraud. This system is set up to stop the first fraudulent transaction in real time and thus prevent further fraudulent activity.

Credit grantors and Falcon Fraud manager clients can tailor their fraud protection by adding levels of protection in so-called modules for different channels including checking and current accounts, e-payments, mobile payments and payment cards.

Falcon Fraud Manager 6 operates with lower memory requirements and offers open source options such as Linux.

TJ Horan, vice president of fraud solutions for FICO, said: "With the Falcon Platform, we believe we are offering businesses the most powerful rules-based solution for fraud detection, as well as the easiest way to move to full analytic protection across multiple transactional channels."

"The flexible approach makes the platform more affordable for smaller credit grantors, but it gives our customers an easy way to expand protection as their needs evolve," he added.

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