Predictive analytics and decision management software company Fico has developed a proximity correlation service for credit and debit card issuers, aimed at improving the safety of payment card transactions.
The FICO Proximity Location Service, part of FICO Fraud Resolution Manager, checks the physical location of a cardholder’s registered mobile phone against the location of the ATM or point-of-sale terminal where the card is being used. Based on the proximity, a cardholder account can be blocked or cleared for further activity.
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In UK trials the Fico Proximity Location service, developed with ValidSoft, has slashed the number of ‘false positives’ on overseas transactions by up to 70%, says the vendor.
Fico also says several British banks are now developing deployment plans to roll out the technology and give their customers the option to register their phones for the service.
"Customer service is one of the driving forces behind improving fraud protection today," said Gabriel Hopkins, senior director, Product Management at FICO. "Banks are trying to perfect a tricky balancing act – protecting customers without causing undue frustration for cardholders who travel or who use their cards in new locations."
Pat Carroll, CEO of ValidSoft, said: "ValidSoft is pleased to be increasing our relationship with FICO to provide them with both our SIM Swap and Proximity Correlations solutions. The adoption by FICO for Proximity Correlation takes our solutions mainstream and we are immensely excited at the potential, given the size of the global addressable market.
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By GlobalData"In an increasingly ‘always connected’ world, where our communications devices work globally and borders become inconsequential in terms of connectivity, having legitimate card transactions declined simply because they are occurring in a foreign country is unjustifiable and unnecessary. The uses for this advanced technology solution are many but none more beneficial than this international card conundrum."
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