SAN JOSE, Calif. (8/10/15)--FICO, the analytics and decision management software company, has unveiled FICO Consumer Fraud Control, a new solution for credit unions and banks that helps their cardholders configure card-usage controls and transactional alerts via the institution’s mobile app.
Building on the FICO Falcon Fraud Platform, Consumer Fraud Control allows consumers to shield themselves from potential fraud and more closely manage daily card use.
"These controls do more than just protect against fraud," said TJ Horan, FICO vice president of fraud solutions. “They enable concerned consumers and active budget managers to control how their cards are used. The extra layer of protection may increase a cardholder's spending levels, improve the bank's share of wallet, and increase engagement with the bank's mobile app.”
A 2014 study by Unisys found that 59% of Americans fear bank card fraud--more than terrorism (47%) or disease epidemics (34%). A FICO study in late 2014 showed that more than half of consumers in the United Kingdom and United States wanted to use a mobile app to control the types of transactions and the dollar amounts allowed on their cards.