Fico says latest fraud model helps identify 50% more scam transactions

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Today, Fico, a global analytics software provider, announced the latest release of the Fico Falcon Fraud Manager model for Retail Banking, which leverages machine learning to detect and prevent scams by adding a Scam Detection Score to Falcon Fraud Manager’s existing third-party fraud detection score for retail banking transfers.

“The proliferation of mobile payment apps and new open banking standards in the wake of the pandemic have caused authorized push payment (APP) scams to grow,” said Scott Zoldi, chief analytics officer, at FICO. “FICO has been following how the sophistication of scams are evolving at breakneck speed and we are strategically innovating to offer our clients in retail banking the cutting-edge scam detection analytics needed to combat today’s criminals.”

APP scams manipulate customers into sending money to an account controlled by scammers. They can take multiple forms, including mobile game…

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