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FICO Falcon Platform vs IBM Safer Payments comparison

 

Comparison Buyer's Guide

Executive Summary
 

Categories and Ranking

FICO Falcon Platform
Ranking in Fraud Detection and Prevention
3rd
Average Rating
8.6
Number of Reviews
2
Ranking in other categories
No ranking in other categories
IBM Safer Payments
Ranking in Fraud Detection and Prevention
5th
Average Rating
8.0
Number of Reviews
1
Ranking in other categories
No ranking in other categories
 

Mindshare comparison

As of November 2024, in the Fraud Detection and Prevention category, the mindshare of FICO Falcon Platform is 9.1%, up from 7.3% compared to the previous year. The mindshare of IBM Safer Payments is 4.9%, up from 4.9% compared to the previous year. It is calculated based on PeerSpot user engagement data.
Fraud Detection and Prevention
 

Featured Reviews

LA
It can set rules to identify suspicious activity at each point of sale during every transaction
I previously worked at Santander Bank FICO and Oracle. It was only about six months. FICO is working on a local model specifically for Brazil, whereas tools from Oracle and other vendors are only developed for general use. I haven't seen any other vendors who think like that until now. Our solution here in Brazil doesn't work for Europe, Africa, the USA, Canada, or Mexico. It's unique to Brazil and designed based on the transaction patterns of people living here. FICO has all the information on our transactions, and the logs of old transactions are on the central server. It's the same for other banks like Fordesco, Santandar, CitiBank, etc. All these banks send their transactions to the server, and FICO Analytics uses all the information about transactions in Brazil to build a model.
Yurii Fedets - PeerSpot reviewer
Helps determine whether a transaction is correct or fraudulent
It's a very fast solution. It can make decisions in 10, 20 or 30 milliseconds. Another feature is that it's a white-box solution. Our clients can see the system's operation, including the rules influencing each decision. Additionally, it's an omnichannel solution capable of utilizing information from various digital channels such as card processing, mobile banking, web banking, APMs, and others. This allows for transaction analysis. Moreover, it's a highly adaptable solution that can integrate machine learning, both external and internal models, making it easy to implement. Compared to competitors, it's one of the easiest solutions to implement. The tool allows historical data to be leveraged within the system to train models without needing external systems. Secondly, it supports external modeling systems, enabling customers to create and train models outside the product and then integrate them into the system. This is useful for customers who utilize other machine learning and artificial intelligence systems alongside IBM Safer Payments.

Quotes from Members

We asked business professionals to review the solutions they use. Here are some excerpts of what they said:
 

Pros

"It can make real-time decisions or real-time declines."
"FICO is working on a local model specifically for Brazil, whereas tools from Oracle and other vendors are only developed for general use. I haven't seen any other vendors who think like that until now."
"It's a very fast solution. It can make decisions in 10, 20 or 30 milliseconds. Another feature is that it's a white-box solution. Our clients can see the system's operation, including the rules influencing each decision. Additionally, it's an omnichannel solution capable of utilizing information from various digital channels such as card processing, mobile banking, web banking, APMs, and others."
 

Cons

"When setting up rules or parameters, some coding is required, and the learning curve is quite steep."
"I've had bad experiences with FICO support. At the bank, we've faced critical problems where we only had minutes to find the solution, and it's hard to explain quickly. We contacted FICO, but they told us it was beyond their scope of support. They try to triage the call by asking us how much money we're losing, but I can't go into that."
"The tool should enhance its reporting interface by adding more graphical elements like charts, diagrams, etc. Customers now want more vibrant visuals—bright charts with larger tables, perhaps incorporating animations and 3D elements. Sometimes, it's challenging to explain to customers why the current solution, while good, lacks these kinds of visuals."
 

Pricing and Cost Advice

"The functionality is fine, but the price is getting more expensive."
"FICO is one of the best fraud detection platforms. However, a small bank might find it too expensive. In that case, I would agree it's probably not worth it. However, it's a no-brainer if your bank has 50 million accounts and 7 million credit card transactions daily."
"I rate the solution's pricing a seven out of ten."
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Top Industries

By visitors reading reviews
Financial Services Firm
38%
Computer Software Company
17%
Government
5%
Manufacturing Company
4%
Financial Services Firm
43%
Computer Software Company
19%
Real Estate/Law Firm
5%
University
4%
 

Company Size

By reviewers
Large Enterprise
Midsize Enterprise
Small Business
No data available
No data available
 

Questions from the Community

What do you like most about FICO Falcon Platform?
FICO is working on a local model specifically for Brazil, whereas tools from Oracle and other vendors are only developed for general use. I haven't seen any other vendors who think like that until ...
What needs improvement with FICO Falcon Platform?
FICO users are business users, not developers. When setting up rules or parameters, some coding is required, and the learning curve is quite steep. This is a disadvantage of FICO. Additionally, the...
What needs improvement with IBM Safer Payments?
The tool should enhance its reporting interface by adding more graphical elements like charts, diagrams, etc. Customers now want more vibrant visuals—bright charts with larger tables, perhaps incor...
What is your primary use case for IBM Safer Payments?
Our customers use this solution to check financial transactions for their payments. Our customers, mainly banks, use this solution to verify the accuracy of their clients' financial transactions. T...
 

Also Known As

Falcon Platform
No data available
 

Learn More

 

Overview

 

Sample Customers

Information Not Available
Borgun
Find out what your peers are saying about NICE, ThreatMetrix, FICO and others in Fraud Detection and Prevention. Updated: October 2024.
816,406 professionals have used our research since 2012.