FICO AI enables UBS Card Center to stop fraudulent transactions

Tuesday 14 November 2017 11:13 CET | News

UBS Card Center, which processes roughly 25% of the credit cards in Switzerland, has cut the amount of fraud write-offs per compromised card by using AI solution from FICO.

The card processor stopped 74% more fraudulent transactions in 2016 than in 2015, and saved potential losses of about USD 172 million. UBS Card Center leveraged artificial intelligence and machine learning functionalities of the FICO Falcon Platform, including the use of FICO Fraud Predictor with Merchant Profiles and adaptive analytics. The Card Center also took a new approach — for the first time, it began to directly decline transactions that appeared to be fraudulent, rather than creating a Falcon Fraud Manager alert to be reviewed with the customer.

Founded in 1956, FICO is based in Silicon Valley and it is considered a pioneer in the use of predictive analytics and data science to improve operational decisions. The company holds more than 180 US and foreign patents on technologies that increase customer satisfaction for businesses in financial services, manufacturing, telecommunications, health care, retail and many other industries.

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Keywords: UBS Card Center, AI, ML, FICO, CNP fraud, fraud prevention, fraud management, Switzerland, predictive analytics
Categories: Securing Transactions | Digital Identity, Security & Online Fraud
Countries: World
This article is part of category

Securing Transactions