FICO, a leading predictive analytics and decision management software company, has partnered with 41st Parameter®, a part of Experian® and a leader in securing online relationships, to fight fraud on card-not-present (CNP) transactions, the top source of payment card fraud today, while letting more genuine transactions proceed in real time. FICO is integrating 41st Parameter’s TrustInsight™ with the FICO® Falcon® Platform, which protects 2.5 billion card accounts and is used by more than 9,000 financial institutions worldwide. Authenticating the device being used in a transaction provides yet another layer of detection to the Falcon Platform, which includes proprietary analytics based on more than 30 patents. 41st Parameter’s TrustInsight™ solution provides a real-time analysis of a transaction, crowd-sourced from a network of merchants, that produces a TrustScore™ indicating whether the transaction is likely to be genuine and should be approved. TrustInsight helps reduce the number of “false positives,” or good transactions that are declined or investigated by the card issuer. The TrustScore, integrated with the FICO Falcon Fraud Manager Platform, provides a link between data the merchant knows and data the issuer knows to enable issuers to utilize additional information that is not currently available in their fraud detection process, including the identification of a cardholder’s “trusted devices.” Read the entire release here.

During last week’s live webinar, David Britton, online fraud industry expert and vice president, industry solutions at 41st Parameter said this: “At 41st Parameter, we begin our days somewhat differently. We believe that the internet was never built for security in mind. We also assume that all user data has been stolen. Every bit of consumer data has been compromised. Why? It puts us on a much more heightened state of awareness to help mitigate the type of environment we work in. We also believe that we are not just fighting against naturally evolving organisms. Rather, we are combating a very sophisticated and powerfully-motivated individuals who are highly creative.” During the 45-minute live webinar, Britton also provided five distinct actions that businesses can take to help protect their organizations as well as real-world strategies for preventing and detecting fraud online AND maintaining a positive online experience for valued customers. Want to learn more? Link to the on demand webinar here and stay tuned for next month’s panel where we will focus on the surveillance and validation of data prior to theft. Viewers will be armed with tactics that they can leverage in their own organizations.

By: Mike Horrocks Living just outside of Indianapolis, I can tell you that the month of May is all about “The Greatest Spectacle in Racing”, the Indy 500.  The four horsemen of the apocalypse could be in town, but if those horses are not sponsored by Andretti Racing or Pennzoil – forget about it.  This year the race was a close one, with three-time Indy 500 winner, Helio Castroneves, losing by .06 of a second.  It doesn’t get much closer. So looking back, there are some great lessons from Helio that I want to share with auto lenders: You have to come out strong and with a well-oiled machine.  Castroneves lead the race with no contest for 38 laps.  You cannot do that without a great car and team.   So ask yourself – are you handling your auto lending with the solution that has the ability to lead the market or are you having to go to the pits often, just to keep pace? You need to stay ahead of the pack until the end.  Castroneves will be the first to admit that his car was not giving him all the power he wanted in the 196th lap.  Now remember there are only 200 laps in the race, so with only four laps to go, that is not a good time to have a hiccup.  If your lending strategy hasn’t changed “since the first lap”, you could have the same problem getting across the the finish line?  Take time to make sure your automated scoring approach is valid, question your existing processes, and consider getting an outside look from leaders in the industry to make sure your are still firing on all cylinders. Time kills.  Castroneves lost by .06 seconds.   That .06 of a second means he was denied access into a very select club of four time winners.  That .06 of a second means he does not get to drink that coveted glass of milk.  If your solution is not providing your customers with the fastest and best credit offers, how many deals are you losing?  What exclusive club of top auto lenders are you being denied access to? Second place is no fun. If you’re Castroneves, there’s no substitute for finishing first at the Indianapolis Motor Speedway.  Likewise, in today’s market, there is more need than ever to be the Winner’s Circle.  Take a pit stop and check out your lending process and see how you’re performing against your competitors and in the spirit of the race – “Ladies and gentlemen, start your engines!”