Users configure the system by inputting rules according to their particular fraud detection strategies – for example, specifying which cases should be sent to an auto-dialer or to a text messaging service – and then the system automatically executes according to the rules. In addition, real-time communication between the FICO and Adeptra systems allows issuers to set parameters that automatically place blocks on cards in high-risk scenarios, and then remove those blocks after card users have been contacted and activity validated. FICO and Adeptra have already delivered this solution to leading card issuers around the world, and it is reducing manual fraud verification costs by up to 80 percent.
“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.”
“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.”
Adeptra’s real-time, automated, two-way communications platform and focus on the customer experience enable positive consumer engagements in voice, text, email and direct mobile communications for core servicing, fraud, collections and marketing management. The company’s offerings are relied on by leading organizations across the world, including the 10 largest global retail banks, seven of the top 10 financial institutions in North America, nine of the top 10 card issuers in the United Kingdom and all of the major banks in Australia.
In a joint announcement yesterday, FICO stated that it has integrated Falcon Fraud Manager 6 with Adeptra’s Automated Customer Contact verification system to enable real-time transaction verifications using multiple communications channels (voice, text, email, etc.) to reach customers. Falcon generates alerts for card issuers and other financial institutions that often require manual follow-up by risk investigators. The partnership with Adeptra can automate that process, potentially reducing costs or freeing up resources for allocation to other tasks.