Silicon Valley analytic software firm FICO announced that it was named a Leader in the Javelin 2017 Identity Proofing Platform Awards, in the Tailored category. Identity proofing solutions match a digital identity to a real-life individual and assess the risk associated with a particular event. FICO’s award was based on FICO Application Fraud Manager. FICO was also named a Contender in the Functional category.
“One of the foundational fraud challenges that an institution faces — identity proofing — must be tailored to the risks inherent in the channel, market, product type, scenario, and threat environment,” the Javelin report says. “Identity proofing covers circumstances ranging from new account applications to new device enrollment, and in order to successfully discern between fraudsters and legitimate customers, financial institutions must be able to bring a wide range of capabilities to bear as part of their identity proofing workflows.”
“Application fraud is a fast-growing problem that has accelerated due to online onboarding in banking, retail, telecommunications and other industries,” said TJ Horan, vice president of FICO’s fraud solutions. “At the heart of any defense are the analytics that can validate an applicant’s identity in real time. That’s FICO’s specialty, and we’re proud to be named one of the awardees in Javelin’s first study of this market.”
FICO® Application Fraud Manager is a highly flexible, component-based system of industry-leading technology capabilities, including data acquisition, analytic models, decisioning, case management and link analysis. The solution can help businesses in any industry to stop first- and third-party fraud where it starts: at the point of application. The solution leverages FICO’s 25 years of artificial intelligence and machine learning innovation to help defend against sophisticated, organized fraud attacks.
The “Tailored” category in the Javelin awards recognizes those firms with products that offer the greatest flexibility in integrating with client systems and adapting to client business needs.