FICO recognized for market-leading enterprise fraud management excellence by the research firm
Global analytics software firm FICO (NYSE: FICO) today announced that it has been named a category leader for enterprise fraud solutions for the fourth year in a row in Chartis’ Enterprise Fraud Solutions Market Update and Vendor Landscape report. As a Category Leader for enterprise fraud, FICO stands out for advanced and proprietary fraud detection techniques, behavioral monitoring, libraries of pre-packaged fraud rules, transaction monitoring, and identity management capabilities.
Chartis’ report provides a market update and vendor landscape analysis for 2023 based around key trends for anti-fraud solutions, including model risk, use of the cloud, the growth in artificial intelligence (AI), and the increasing speed of payment systems and services.
FICO’s fraud solutions globally protect more than 9,000 financial institutions, telecommunication organizations, auto finance companies, and government agencies from financial losses as well as damages caused by criminal behavior.
“Financial fraud is an increasing issue globally, as scammers are becoming bolder and are using sophisticated techniques to target more victims than ever before. We are committed to helping our customers protect their clients by using FICO’s latest cutting-edge solutions to stop fraudulent activity,” said Adam Davies, vice president of Fraud and Identity Solutions at FICO. “FICO is incredibly proud to be recognized as a global leader in enterprise fraud solutions by Chartis and to have our solutions help top financial institutions globally.”
FICO’s own global research reports that 88% of consumers are either planning to increase their use of real-time payments (RTP) or continue at their current rate in the coming year – showing that an increase of RTP usage is an indicator of an increase in potential fraud activity. Additionally, FICO’s research shows that nearly three-quarters (74%) of financial institution customers worldwide rate “good fraud protection” among their top three considerations when selecting and opening a new financial account. Given these broad trends, banks and other financial institutions need to partner with best-in-class solution providers to help detect and prevent evolving fraud schemes, while delivering on customer expectations.
“Chartis is pleased to rank FICO once again as a leader in the Enterprise Fraud Solutions 2023 Market Update and Vendor Landscape,” said Phil Mackenzie, senior research specialist at Chartis. “FICO’s range of capabilities and excellence in analytics ensures that they help financial institutions, and their customers stay protected from the scourge of fraud even as criminals develop new and inventive ways to attack.”
FICO is a leader in analytics and applied intelligence platform technology. FICO’s consistent innovative technology is represented in many ways, including within the digital decisioning capabilities available on FICO® Platform, customer and client fraud/scams protection using FICO® Falcon® Fraud Manager, and digital communication abilities on FICO® Customer Communication Services.
Last month, FICO launched 19 major enhancements to FICO® Platform that help clients drive critical and strategic business outcomes across their customer lifecycle. The landmark improvements were made to the platform’s Transactional Analytics, Optimization, Simulation, and Composability and Decisions capabilities – all of which are designed to sharpen enterprises’ competitive advantage and power exceptional customer experiences.
About Chartis Research
Chartis Research is the leading provider of research and analysis on the global market for risk technology. It is part of Infopro Digital, which owns market-leading brands such as Risk and WatersTechnology. Chartis' goal is to support enterprises as they drive business performance through improved risk management, corporate governance and compliance, and to help clients make informed technology and business decisions by providing in-depth analysis and actionable advice on virtually all aspects of risk technology.
FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 200 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, insurance, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in nearly 120 countries do everything from protecting 2.6 billion payment cards from fraud, to improving financial inclusion, to increasing supply chain resiliency. The FICO® Score, used by 90% of top US lenders, is the standard measure of consumer credit risk in the US and other countries, improving risk management, credit access and transparency. Learn more at www.fico.com.
FICO and Falcon are registered trademarks of Fair Isaac Corporation in the U.S. and other countries.
@FICO has been named a category leader for enterprise fraud solutions for the fourth year in a row in Chartis’ Enterprise Fraud Solutions Market Update and Vendor Landscape report.