TMCnews Featured Article
FICO and Adeptra to Offer a Multi-Channel Fraud Detection and Verification Service That Can Be Used in Conjunction with an Auto Dialer
By Jamie Epstein, TMCnet Web Editor
FICO, a provider of analytics and decision management technology, has just teamed up with Adeptra to offer the company’s payment card fraud detection product, FICO Falcon Fraud Manager 6 incorporated with the broad customer contact functionalities provided through Adeptra. This new product will allow users to easily customize the system by entering rules associated with their fraud detection strategies such as when an auto dialer or a text messaging function should be utilized. The system will then automatically work according to these preset rules.
Users will now be able to simply set strategies used to find and then determine if fraudulent card transactions are actually taking place. The system has the ability to notify customers instantly and in real-time, through multiple different communication options including voice, text and email. The advanced capabilities of this new product make it easier to manage fraud operations, while drastically reduced overhead costs that are typically associated with this process. This integration greatly helps operations to run smoothly, without restrictions of staffing requirements, according to a press release.
“It’s difficult today for card companies to grow and operate efficiently, so the more they can focus the resources they have on generating revenue instead of preventing losses the healthier their business will be,” said Deborah Kerr, chief technology officer at FICO. “This unique new solution provides the best in fraud detection and helps users maximize efficiency in their fraud operations, while also returning greater value and service to customers.”
Real-time communication between FICO and Adeptra systems lets card issuers set parameters that will no longer allow purchases to be made on cards in situations where fraud is likely taking place, and then will remove those blocks as soon as card users have been contacted and the situation is addressed. According to the release, multiple card issuers are already using the solution offered by FICO and Adeptra, reducing manual fraud verification costs by up to 80 percent.
“Fraudsters have continued to use more sophisticated methods to extract credit and debit card information, and banks and card companies have recognized the challenge. Our partnership with FICO is driving positive changes to these challenges, and the action that FICO has chosen to take will better protect its customers from the threats of fraud,” said Ed Broyles, managing director at Adeptra. “We and FICO are committed to the ultimate goal of improving customer satisfaction together with the promise of better protection from the risk of fraudulent activity.”
This new solution fully integrated with auto dialer technology allows consumers to be contacted right away if their card is being used without their knowledge, preventing future frustrations.
Jamie Epstein is a TMCnet Web Editor. Previously she interned at News 12 Long Island as a reporter's assistant. After working as an administrative assistant for a year, she joined TMC (News - Alert) as a Web editor for TMCnet. Jamie grew up on the North Shore of Long Island and holds a bachelor's degree in mass communication with a concentration in broadcasting from Five Towns College. To read more of her articles, please visit her columnist page.
Edited by Rich Steeves