FICO has launched a new solution that will help banks empower their cardholders to combat fraud and manage daily card use.
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Dubbed FICO Consumer Fraud Control, the new solution will help cardholders of a bank to configure card usage controls and transactional alerts through the bank’s mobile app.
The solution, which builds on FICO’s Falcon Fraud Platform, will allow cardholders to control their card usage by blocking certain purchase types or cash withdrawals, setting maximum transaction amounts as well as restricting merchant types.
It will also enable cardholders to monitor transactions by customising real-time alerts or push notifications on their account and card activity, and instantly pause card function in case of suspected fraud.
FICO vice president of fraud solutions TJ Horan said: "These controls do more than just protect against fraud. They enable concerned consumers and active budget managers to control how their cards are used.
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By GlobalData"This is the easiest and most comprehensive solution of its type, and we’re making it available to our banking partners. The extra layer of protection may increase a cardholder’s spending levels, improve the bank’s share of wallet, and increase engagement with the bank’s mobile app."
