FICO has launched an updated version of its anti payment fraud system, a sign of the growing concern over e-payment frauds.
The new Fraud Manager 6.3. uses self-learning behavioral analytics to detect and prevent electronic payment fraud in real time.
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The anti fraud company said that with mobile and internet banking allowing customers to bank anywhere anytime, clients need to be protected when operating with these new tools.
Doug Clare, vice president of product management at FICO said: "As financial institutions offer their customers new online banking services, Falcon Fraud Manager will be on guard for fraudulent transactions, helping the banks provide greater safety and a hassle-free customer experience."
The system uses a neural network analytics and self-calibrating models as the basis for their protection. Neural network analytics is a mathematic system that is programmed to learn data patterns and predict how their output will continue. It works continuously to analyse an individual customers banking habits and flag up any dangerous changes in behaviour.
Aimed at card issuers, processors and retail banks Fraud Manager 6.3 detects suspicious out-of-pattern payments and generates real-time decisions on genuine transactions.
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By GlobalData
