Credit & Collections Technology Awards recognize FICO’s innovative solution for tackling growing fraud crisis
LONDON, December 08, 2022–(BUSINESS WIRE)–Global analytics software provider FICO won the Machine Learning in Credit and Collections Award at the 2022 Credit & Collections Technology Awards, held in London in late November. The award was for an advanced scam detection model, which is available to lenders using the Retail Banking model in FICO® Falcon® Fraud Manager, the world’s leading payments fraud protection solution.
More information: https://www.credit-connect.co.uk/news/credit-collections-technology-awards-announces-2022-winners/
The proliferation of mobile payment apps, new open banking standards and consumer stress caused by the global pandemic have caused Authorized Push Payment (APP) scams to grow at an alarming rate. This financial crime occurs when a customer is manipulated into sending money to an account controlled by the scammer. In the UK alone, according to UK Finance, 2022 saw a 30% increase in APP scams, as compared to 2020, with losses totalling £249M in the six months measured in their October 2022 report. According to Javelin Strategy & Research, person-to-person (P2P) payment fraud grew 18% from 2020 to 2021 with an estimated 18 million Americans scammed using P2P applications.
“Scams fraud is difficult to identify because the payment is authorized by the customer, so you can’t detect it just by looking at traditional third-party…
