Dock Stops Over USD$50m a Month in Fraud for its Customers Using FICO Technology
Brazilian fintech platform wins FICO® Decisions Award for Fraud Management
Highlights:
- Dock is using FICO fraud prevention technologies to protect 250 companies
- Dock is analyzing 5 billion transactions a year
- The use of FICO® Customer Communication Services (CCS) is helping Dock to stop even more fraudulent transactions a month
- Dock won a 2023 FICO® Decisions Award for Fraud Management
Dock, a global technological platform for financial services, is using FICO fraud prevention technologies to stop more than
The fraud prevention solution is based on FICO® Falcon® Fraud Manager and FICO® Customer Communication Services (CCS). Dock began implementing Falcon Fraud Manager in 2019 and added CCS in 2020. By using CCS, Dock automates omnichannel communication with its customers to deliver faster communication, resulting in lower operational costs, improved customer loyalty, and significant increases in revenue for its clients. Currently, Dock has 250 clients that use FICO technologies to fight fraud.
More information: https://www.fico.com/en/products/fico-customer-communication-services-fraud
Watch Dock talk about the project: https://youtu.be/PIWo3WM4hls
“Our customers are seeing a significant improvement in cashflow, due to the reduction in operating costs when transactions are denied due to fraud,” said Armando Junior, director of risk at Dock. “For every
Detecting Fraud in a Digital Banking Boom
“At Dock, we're committed to leveraging the latest technologies to help our clients stay ahead of fraudsters and protect their bottom line,” said Junior. “Every month, we analyze about 400 million transactions and treat more than 1 million cases of suspected fraud. By detecting over
Dock introduced FICO CCS for Fraud in 2020 to combine the speed of fraud prevention with prompt and efficient customer communication.
FICO® Falcon® Fraud Manager which protects more than 2.6 billion cards worldwide flags the transactions as fraudulent and the customer can inform their lender using FICO® CCS when they didn’t perform the transaction.
Digio Enhances Fraud Communication
One of Dock’s customers, a digital bank called Digio, has seen a big improvement in engagement rates since introducing FICO CCS. Previously, when the bank called customers the average response rate was 25 percent. However, with the implementation of new SMS and email techniques through CCS, the engagement rate has risen to 67 percent, surpassing the current market average of 40 percent.
In addition to these metrics, the volume of transactions processed is much higher than the old manual approach, where it would be necessary to have an average of 60 operators handling alerts daily. By using FICO CCS, it’s possible to automate most of the work which was previously done manually and save significant operational costs.
The use of real-time omnichannel transaction confirmation has also delivered a fraud detection rate of 60 percent for Digio, twice as high as when they first started leveraging FICO CCS.
“The implementation of FICO CCS has significantly boosted the number of fraud cases that Dock is able to prevent for its customers, in conjunction with Falcon Fraud Manager,” said Pablo Morales, FICO’s managing director of global partner and alliances in
“Dock's innovative pay-as-you-go fraud prevention solution, built on FICO technologies, is transforming the way lenders approach fraud detection,” said Nikhil Behl, chief marketing officer at FICO. “By combining advanced analytics with real-time communication, lenders can detect and prevent fraud quickly and effectively, while providing a seamless customer experience.”
For its achievements, Dock won a 2023 FICO® Decisions Award for Fraud Management.
“The judging panel was impressed by the solution delivered by Dock, which was a very innovative business model by a partner that delivered significant benefits,” said Douglas Blakey, editor, Retail Banker International and one of the FICO Decisions Awards judges. “Fraud is a pervasive threat in the financial industry, but with Dock's solution, lenders can rest assured that they're taking proactive steps to mitigate risk.”
About Dock
Dock is the leading payments and digital banking enabler in
These innovations have accelerated the company's mission and purpose to democratize access to financial services, promoting the inclusion of millions of unbanked and underbanked people into the financial system throughout the region. Through its open API and cloud-native platform, Dock delivers best-in-class solutions enabling approximately 300 clients to offer unique user experiences in their payments, credit and digital banking offerings and powering 70 million active end users throughout the region.
About the FICO® Decisions Awards
The FICO Decisions Awards recognize organizations that are achieving remarkable success using FICO solutions. A panel of independent judges with deep industry expertise evaluates nominations based upon measurable improvement in key metrics; demonstrated use of best practices; project scale, depth and breadth; and innovative uses of technology. The 2023 judges are:
- Cortnie Abercrombie, CEO/Founder, AI Truth
- Neeti Aggarwal, CFA senior research manager, The Asian Banker
- Douglas Blakey, editor, Retail Banker International
- Burcu Çalıcıoğlu, SVP of credit analytics and retail credit, Akbank (previous winner)
- Martin Elliott, general manager consumer lending, BNZ (previous winner)
- Mark Feeley, research and brand director, Chartis
- Michal Lodej, group editor, Shard Financial Media
- Andre Miceli, chief editor, MIT Technology Review Brazil
The winners of the FICO Decisions Awards will be spotlighted at and win tickets to FICO® World 2023, May 16 - May 19 2023, in
About FICO
FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956, the company is a pioneer in the use of predictive analytics, AI and data science to improve operational decisions. FICO holds more than 200 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, manufacturing, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in nearly 120 countries do everything from protecting 2.6 billion payment cards from fraud, to improving financial inclusion, to increasing supply chain resiliency. The FICO® Score, used by
Learn more at www.fico.com.
FICO is a registered trademark of Fair Isaac Corporation in the US and other countries.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230518005037/en/
In Press Porter Novelli Brazil
Cibely Toller
+55 11 3323 1596 / +55 11 99858-8500
cibely.toller@inpresspni.com.br
Thais Sabatini
FICO
+55 11 99183-9657
thaissabatini@fico.com
Source: FICO
