FICO announced its new fraud detection models

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FICO will launch new models of fraud detection so payment for cards not present (CNP) transactions are safer and convenient.

CNP fraud is the main form of card fraud in most countries. Based on the analysis of more than 4,000 million transactions, new models can significantly reduce CNP fraud losses without increasing the false positives.

It has been demonstrated that the new models duplicate the detection of fraudulent CNP transactions of high value from the first transaction.

The new models will be offered to FICO® Falcon® Platform customers at no additional cost. The FICO Falcon Platform protects more than 2,600 million payment cards worldwide.

“Consumer comfort is accelerating the growth of online transactions. As a result, criminals seek to take advantage of that convenience as cards with chips and other security features have made it harder for fraud with physical cards… Our goal is to help card issuers promote a positive experience for their client, as well as protect them against financial damage.” said TJ Horan, vice president of anti-fraud solutions at FICO.