- FICO receives an award for its capabilities in electronic payments fraud, mobile fraud, real-time transaction monitoring, card-based fraud, and data provisioning.
- FICO was rated for its “best-in-class capabilities” in fraud detection by Chartis for the third year in a row.
- Chartis RiskTech Quadrant report highlights the wide adoption of AI and machine learning (ML) across the finance sector.
FICO – a category leader for Financial Crime
FICO recently publicized that it has been declared a Category Leader for Enterprise Fraud Solutions in the newly circulated Chartis 2021 RiskTech Quadrant report. This is the third year in a row FICO has been named as a Category Leader.
In 2020, FICO was recognized as one of the top six overall risk management technology vendors and won Category Leader for AI Applications.
Chartis 2021 RiskTech Quadrant spotlights
Chartis RiskTech Quadrant spotlights the rise in banks and financial institutions’ spending on risk management systems comprising fraud analytics. The report discusses best practices to deploy effective enterprise-wide solutions for fraud and financial crime management to adapt to changing consumer behavior. Also, it highlights the wide adoption of AI and machine learning (ML) across the finance sector.
FICO’s fraud solutions
Based on Chartis’ analysis, the report ranks the financial crime risk management systems as follows:
- Based on industry trends
- Best practices
- Expenditure patterns
More than 9,000 financial institutions, auto financers, telecommunication organizations, and government agencies use FICO’s fraud solutions to protect against financial losses and damages caused by criminal behavior.
COVID-19 pandemic impact
Because of the COVID-19 pandemic situation worldwide, many businesses rely on FICO’s industry-changing analytics software platform to streamline operations, make smarter decisions, and safeguard enterprises against the latest fraud and financial crime threats.
Enterprise fraud management programs
FICO’s Enterprise fraud management programs offer fraud protection facilities across all channels, accounts, consumers, and products – across the consumer lifecycle.
Philip Mackenzie, Senior Research Specialist at Chartis Research, commented: “FICO’s ranking as Category Leader reflects its best-in-class enterprise fraud management solutions, which had the highest possible ratings for advanced fraud detection techniques, libraries of pre-packaged fraud rules, and card fraud.”
He further added, “FICO also delivers advanced fraud-detection capabilities in mobile fraud, electronic payments fraud, and real-time transaction monitoring, via an integrated cloud-ready platform.”
Tim VanTassel, Vice President, Head of Product Management at FICO, commented: “FICO is proud to have its cutting-edge solutions recognized by Chartis as the category leader in financial crime risk management systems.”
He further added, “At FICO, we are committed to helping our clients use our award-winning solutions to prevent fraudulent activity as well as developing an industry-leading AI, machine learning, and analytics platform.”
Nikhil Behl, Chief Marketing Officer at FICO, commented: “Recognition as the category leader for three years in a row further highlights FICO’s ongoing investment in innovation, our close partnership with clients, and our dedication to delivering the industry standard for enterprise fraud solutions.”