When I was working at another bank, people often complained that FICO was expensive. I would tell them that it depends on the volume—for example, the old bank million 7 million transactions. If you don't have an adequate system, you will lose more money than you would spend on Falcon. FICO can pay for itself in one or two days if you compare it to the money you would lose otherwise. 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.
What is Fraud Detection and Prevention? It wasn’t that long ago that fraud detection and prevention involved reviewing a fair bit of historical data analysis. Data scientists would be poring over tons of credit card records in order to spot fraudulent (or with luck, potentially fraudulent) activity.
Fast forward to today and we see fraud detection systems depend on catching and stopping fraud the second it’s spotted or even before it actually occurs. Automated solutions for fraud...
It is expensive.
When I was working at another bank, people often complained that FICO was expensive. I would tell them that it depends on the volume—for example, the old bank million 7 million transactions. If you don't have an adequate system, you will lose more money than you would spend on Falcon. FICO can pay for itself in one or two days if you compare it to the money you would lose otherwise. 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.