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June 27, 2023

On the wires

May 22, 2023

On the wires

Teradata and FICO Partner to Reduce Fraud, Improve Business Outcomes

Business Wire

"Teradata and FICO, the analytics software provider, announced they plan to bring to market integrated advanced analytic solutions for real-time payments fraud, insurance claims, and supply chain optimization. Bringing data, analytics and insights together in one environment streamlines the development of solutions for use cases across industries, speeding time-to-delivery and making them available for joint customers sooner."

April 26, 2023

On the web

Americans Blame Themselves for Falling for Real-Time Payment Scams

ABA Banking Journal

"Most Americans say they are at fault when sending a real-time payment to a scammer, although most also believe their bank should refund the lost money, according to a new survey by FICO. The survey found that 59% of respondents said they are at fault for losing money to a scam through a real-time payment, with only 14% blaming their bank. However, 69% said a bank should refund the money either all of the time or most of the time."

April 25, 2023

On the wires

FICO Survey: Majority of US Consumers Have Been Contacted by Real-Time-Payment Scammers

Business Wire

"Today, global analytics software firm, FICO released new research examining consumers’ increased use of real-time-payments (RTP) and the subsequent rise and impact of authorized push payment fraud, also known as scams. The 2023 Scams Impact Survey surveyed more than 14,000 consumers across 14 different countries worldwide, including 1,000 in the United States, and found that while consumers are increasingly adopting RTP services like Zelle, Venmo and Ca"

March 23, 2023

On the wires

FICO UK Credit Card Market Report: January 2023


"New data from FICO on UK card trends appears to reflect the contrasting picture of the economy. January saw inflation slightly pegged back compared to the end of 2022; retail sales also improved marginally in the new year. In a similar vein, the FICO data shows that many of those consumers missing one credit card payment in December continued to struggle with their debts in the new year, with a marked increased in two missed payments. However, the balance for two missed payments dropped, potentially reflecting curtailed spending."

December 22, 2022

On the wires

FICO UK Credit Card Market Report: October 2022


“FICO’s latest report of UK card trends — for October 2022 — illustrates the push and pull of personal finances as consumers attempt to manage existing credit commitments while facing an increased cost of living. Highlights:  Average total sales were 5 percent lower than September at £740; The average active balance on credit card accounts also dropped in October to £1,570 – 1.5 percent lower than September…”

December 8, 2022

On the web

FICO Wins Machine Learning Award for Scams Detection Model

EIN News

“Global analytics software provider FICO won the Machine Learning in Credit and Collections Award at the 2022 Credit & Collections Technology Awards, held in London in late November. The award was for an advanced scam detection model, which is available to lenders using the Retail Banking model in FICO® Falcon® Fraud Manager, the world’s leading payments fraud protection solution. The proliferation of mobile payment apps, new open banking standards and consumer stress caused by the global pandemic have caused Authorized Push Payment (APP) scams to grow at an alarming rate. This financial crime occurs when a customer is manipulated into sending money to an account controlled by the scammer. In the UK alone, according to UK Finance, 2022 saw a 30% increase in APP scams, as compared to 2020, with losses totalling £249M in the six months measured in their October 2022 report. According to Javelin Strategy & Research, person-to-person (P2P) payment fraud grew 18% from 2020 to 2021 with an estimated 18 million Americans scammed using P2P applications. “Scams fraud is difficult to identify because the payment is authorized by the customer, so you can’t detect it just by looking at traditional third-party fraud indicators,” said Scott Zoldi, chief analytics officer at FICO. “Using proprietary machine learning techniques, we developed unique features and specialized algorithms to identify this behavior and the likelihood of a scam in real time.”

November 7, 2022

On the wires

FICO Survey: 1 in 6 Indian Consumers Will Leave a Bank for a Competitor if Unhappy With Response to Scams


“FICO’s latest global fraud survey has revealed that 1 in 6 Indian consumers will leave for a competitor if unsatisfied with their bank’s fraud management response. This comes at a point, post-pandemic, where 4 in 5 consumers say they will continue to do all their banking online in an environment where India reported the highest fraud rate in the global survey of a dozen countries. With India boasting 670 million banking customers, this 1 in 6 Indian consumers still represents churn of up to 107 million people which delivers an opportunity for institutions that can best manage the problem.”

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