The solution 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.
According to Digital Transactions, FICO’s new Scam Detection Score helps Falcon customers detect authorised push payment (APP) scams, using the characteristics revealed by the FICO Falcon Fraud Manager model for Retail Banking to identify 24 times the number of fraudulent transactions on different devices.
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