Hsbc Implements Fair Isaac’s Fraud Predictor Solution To Enhance Fraud Detection And Cut Losses
Monday, 31 October 2005 13:09 EST
Innovative solution gives card issuers worldwide unrivaled capabilities for protecting cardholders
MINNEAPOLIS—October 31, 2005—Fair Isaac Corporation (NYSE:FIC), the leading provider of analytics and decision technology, today announced that London-based HSBC Holdings plc (HSBC), one of the world’s largest banking and financial organizations, has implemented Fair Isaac’s Fraud Predictor with Merchant Profiles. The next-generation fraud detection solution will provide HSBC with advanced capabilities for cutting fraud losses and protecting credit and debit cardholders from fraudulent transactions.
Fraud Predictor is built upon Fair Isaac’s Falcon™ Fraud Manager, the fraud detection solution used to protect more than 450 million active payment card accounts worldwide. It is the only solution available that leverages data from both merchants and cardholders to provide more precise fraud predictions. By integrating the predictive power of merchant data with the proven analytics of Falcon Fraud Manager, HSBC can achieve an incremental boost in fraud detection and prevention over the performance of the traditional Falcon score alone.
“Fair Isaac’s Fraud Predictor is the ideal solution to take HSBC’s strategic use of fraud detection technology to the next level,” said George Lennox at HSBC. “The power of Fair Isaac’s transaction-based fraud solutions is market-proven worldwide. Adding Fraud Predictor to our services reflects our ongoing commitment to tapping into innovative technology solutions that help us limit fraud losses across our global network and provide our cardholders with the real-time protection they need in their payment card transactions.”
“Card issuers worldwide have confidence in the ability of Fair Isaac’s unique fraud-fighting analytics because they have experienced the results and benefits firsthand,” said Sonja Schindeler, vice president of Global Fraud Solutions at Fair Isaac. “HSBC’s implementation of Fraud Predictor significantly expands the reach of our innovative fraud analytics into new markets. As the first bank in Europe to invest in Fraud Predictor, HSBC will gain significant financial and customer service advantages from this implementation by promoting smart, profitable customer decisions across its diverse global portfolio.”
Merchant profiles synthesize transaction information and fraud history for millions of merchants. When an authorization request is received, the Fraud Predictor model calculates a fraud score based on the transaction data at the cardholder level as well as the transaction and fraud history at the merchant level, resulting in a broader view of a transaction and a significant lift in fraud detection. Merchant profiles will be updated and provided to HSBC on a weekly basis. The system’s neural network model continually uses this refreshed data to generate a highly accurate fraud score. Combined with the real-time processing and workflow management infrastructure of Falcon Fraud Manager, Fraud Predictor represents the most advanced neural network used in fraud detection today.
About HSBC Holdings plc
HSBC Holdings plc is headquartered in the UK. The HSBC Group serves over 110 million customers worldwide from more than 9,700 offices in 77 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa. With assets of US$1,467 billion at 30 June 2005, HSBC is one of the world’s largest banking and financial services organisations. HSBC is marketed worldwide as ‘the world’s local bank.’
About Fair Isaac
Fair Isaac Corporation (NYSE:FIC) is the preeminent provider of creative analytics that unlock value for people, businesses and industries. The company’s predictive modeling, decision analysis, intelligence management, decision management systems and consulting services power billions of mission-critical customer decisions a year. Founded in 1956, Fair Isaac helps thousands of companies in over 60 countries acquire customers more efficiently, increase customer value, reduce fraud and credit losses, lower operating expenses and enter new markets more profitably. Most leading banks and credit card issuers rely on Fair Isaac solutions, as do insurers, retailers, telecommunications providers, healthcare organizations and government agencies. Through the www.myFICO.com Web site, consumers use the company’s FICO® scores, the standard measure of credit risk, to manage their financial health. For more information, visit www.fairisaac.com.
|
|
|
Latest News
5 laptop security tips
20.07.07 Laptop theft is a huge problem.
Essential Bluetooth hacking tools
25.05.07 Bluetooth provides an easy way for a wide range of mobile devices to communicate with each other without the need for cables or wires.
DEP for IE7 in Vista
22.05.07 Security tips blog, security-hacks, has posted details on how to enable DEP for Internet Explorer 7 in Vista.
SMB over SSH: Secure File Sharing
18.05.07 Security tips blog, security-hacks, has published an simple guide to share files securely in heterogeneous networks.
Avoid data leaks by clearing the page file
14.05.07 Security-Hacks publishes a useful tip to avoid potential data leaks when you run out of memory.
How to set Master Password in Firefox
11.05.07 Nowadays many web sites require you to type a user name and password before you can enter the site.
How to test your firewall?
10.05.07 Security tips blog, Security-Hacks, has published a compilation of tools to test your firewall: "We’ve compiled a list of tools we believe will be of value to both home users and advance users.
|
|
