Manager - Anti-Fraud Strategy & System Solution Officer at a financial services firm with 10,001+ employees
Real User
Top 20
2024-07-09T07:52:11Z
Jul 9, 2024
I use FICO Falcon app manager. I think it was from 2019, but I'm not quite sure. Maybe it was 2017. I'm a customer of the product, and I use it for bottom-line and operational risk. For the granular referral, we use it to predict whether a transaction is fraudulent or not. So, it has the machine learning capability that FICO has in its Falcon platform. We're looking for tools that can process transaction data, like the transaction amount, credit card number, or card number, to predict whether a transaction is fraudulent. This is what we use in our day-to-day cases.
Falcon identifies anomalies in bank customer behavior to detect fraud. For example, say a person in Sao Paulo consistently spends $200 a week for 10 years, and we see a $2,000 transaction one week. Falcon can set rules to identify suspicious activity at each point of sale during every transaction.
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...
I use FICO Falcon app manager. I think it was from 2019, but I'm not quite sure. Maybe it was 2017. I'm a customer of the product, and I use it for bottom-line and operational risk. For the granular referral, we use it to predict whether a transaction is fraudulent or not. So, it has the machine learning capability that FICO has in its Falcon platform. We're looking for tools that can process transaction data, like the transaction amount, credit card number, or card number, to predict whether a transaction is fraudulent. This is what we use in our day-to-day cases.
Falcon identifies anomalies in bank customer behavior to detect fraud. For example, say a person in Sao Paulo consistently spends $200 a week for 10 years, and we see a $2,000 transaction one week. Falcon can set rules to identify suspicious activity at each point of sale during every transaction.