Fair Isaac Announces Limited Release of Falcon Fraud Manager 6.0
Fair Isaac has announced it is releasing its Falcon Fraud Manager 6.0 scoring server to select customers who wish to begin deployment projects ahead of the product’s general availability in the spring of 2009. The new version applies recent advances in fraud analytics and profiling to help financial institutions quickly identify changing fraud patterns and minimize losses.
Data from Fair Isaac customers, combined with independent research, shows a measurable increase in certain types of fraud, notably cross-border and concentrated “flash fraud” attacks, as well as emerging patterns of fraud in card-not-present (online or telephone) and debit card transactions.
The Falcon 6.0 scoring server is the first to offer adaptive analytics, which provide dynamic, real-time self-calibration of fraud detection models, enabling institutions to identify and respond to these new threats with unprecedented speed. It expands Fair Isaac’s patented fraud detection and profiling techniques to create intelligent profiles targeting high-risk ATMs, merchants, risky geographical regions and other criteria. Extensive testing with clients showed up to 44 percent improvement in detection model performance, translating to increased fraud detection with fewer false positives.
“The incidence and sophistication of fraud is escalating every day,” said Doug Clare, vice president for product management at Fair Isaac. “Based on extensive testing and discussions with our clients, we’ve accelerated the availability of the Falcon 6.0 scoring server to allow qualifying clients to begin their deployment projects immediately, giving them the advanced analytics and profiling tools they need to stay a step ahead.”
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