According to the company, the new version applies recent advances in fraud analytics and profiling to help financial institutions quickly identify changing fraud patterns and minimize losses.
The company claims that the Falcon 6.0 scoring server is the first to offer adaptive analytics, which provide dynamic, real-time self-calibration of fraud detection models, enabling institutions to identify and respond to the new fraud threats with unprecedented speed. It is expected to expand Fair Isaac’s patented fraud detection and profiling techniques to create intelligent profiles targeting high-risk ATMs, merchants, risky geographical regions and other criteria.
Extensive testing with clients showed up to 44% improvement in detection model performance, translating to increased fraud detection with fewer false positives, said Fair Isaac.
Doug Clare, vice president for product management at Fair Isaac, said: The incidence and sophistication of fraud is escalating every day. Based on extensive testing and discussions with our clients, we’ve accelerated the availability of the Falcon 6.0 scoring server to allow qualifying clients to begin their deployment projects immediately, giving them the advanced analytics and profiling tools they need to stay a step ahead.