Fair Isaac Corporation - FICO STOCK NEWS

A new study by FICO reveals that 60% of Americans, including 50% of Gen Z, believe personal finance is one of the most useful subjects to learn in high school. 79% think personal finance skills should be part of the high school curriculum, yet only 46% say they actually learned these skills in school. The study highlights a significant gap in financial literacy, especially among Gen Z, with 28% not considering themselves financially literate.

Key findings include:

• 74% of Americans believe their financial situation would improve with more personal finance resources and education
• 90% of Gen Z adults think more financial education would improve their situation
• 61% of Gen Z adults believe their credit score fairly represents their financial health
• Only 46% of Gen Z adults have checked their credit score in the past year

FICO offers free resources like the Score A Better Future™ Fundamentals curriculum to address this education gap.

FICO's latest global consumer fraud survey reveals alarming attitudes towards first-party financial fraud in Thailand. The study found that 39% of Thais think it's normal or acceptable to exaggerate income on loan applications for bank accounts, mortgages, and automotive financing. Additionally, 25% believe it's acceptable to lie on mortgage applications under certain circumstances.

The survey also highlighted that falsifying insurance claims is viewed as the most taboo form of fraud, with 68% of Thai consumers believing it's never acceptable. These findings align closely with global attitudes, where 56% of consumers reject the idea of exaggerating income on loan applications.

FICO experts warn that misrepresentation of information can lead to serious consequences and urge banks to improve their ability to detect inaccuracies. The survey, conducted in November 2023, included 1,002 Thai adults among 12,000 global respondents.

FICO's latest global consumer fraud survey reveals alarming attitudes towards first-party financial fraud in Indonesia. Key findings include:

• 23% of Indonesians believe it's acceptable to exaggerate income on loan applications in certain circumstances
• 34% think it's normal or acceptable to misrepresent income on personal loan applications
• 25% believe it's acceptable to lie on mortgage applications under certain circumstances
• 77% view falsifying insurance claims as unacceptable

The survey, conducted in November 2023, included 1,001 Indonesian adults among 12,000 global respondents. FICO warns that these attitudes pose significant risks to financial institutions, especially in the growing Indonesian mortgage market. The company emphasizes the need for improved fraud detection measures and thorough verification processes to combat 'liar loans' and protect both banks and consumers from engaging in fraudulent behavior.

FICO and Jersey Telecom (JT) have developed a real-time solution to combat Authorised Push Payment (APP) fraud. The FICO® Customer Communications Service Scam Signal combines telephony signals and card data to detect and prevent financial scams. Currently available in Jersey, the UK, and Spain, the solution has shown promising results in early pilots:

• 41% reduction in the number of people scammed
• 44% decrease in fraud losses from scams
• 55% reduction in false positives

The system analyzes mobile phone behavior and payment data to identify potential scams, allowing banks to intervene with personalized messages to customers during high-risk activities. Major UK banks are implementing the solution, with plans to expand to other markets.

FICO (NYSE: FICO) is hosting a free Score A Better Future™ (SABF) credit education workshop on September 27, 2024, both in-person and via webinar. The event, presented in Spanish, aims to empower Virginia's Latino community with financial literacy skills. In partnership with U.S. Senator Mark Warner's office and the Virginia Hispanic Chamber of Commerce, the workshop will cover:

• Key ingredients of the FICO® Score
• Role of credit in financial health
• Overview of the FICO Score

Attendees can receive free credit counseling, obtain their FICO Score, and set financial goals. The event highlights the importance of financial education, as the FICO® Score is used by 90% of top U.S. lenders for various credit decisions.

Bank Mandiri, Indonesia's largest financial institution, has significantly reduced fraud losses using FICO® Falcon® Fraud Manager and the FICO® Falcon® Intelligence Network. The bank experienced an 80% decrease in card payment losses and an 85% reduction in fraud on its Digital App. In 2022, FICO's solutions safeguarded over 1.64 billion transactions valued at US$156 billion on Bank Mandiri's Livin' mobile banking app, which saw a 50% year-over-year growth. The bank rapidly integrated and secured 13 new banking channels with FICO, demonstrating the solution's agility and scalability. For its achievements, Bank Mandiri won a 2024 FICO® Decisions Award for Fraud Management.

FICO has expanded its Educational Analytics Challenge to include students from Morehouse College, Bowie State University, and Delaware State University. The program, now in its second year, aims to promote diversity in data science and provides real-world experience in AI and analytics. This year's challenge focuses on financial fraud detection, tasking students with designing real-time fraud detection models.

The program includes remote mentoring from FICO's data scientists and lectures by FICO's Chief Analytics Officer, Dr. Scott Zoldi. It emphasizes the importance of responsible AI techniques and ethical model building. FICO also provides financial support to participating HBCUs to enhance analytics instruction and career resources.

FICO has announced the panel of independent judges for the 2025 FICO® Decisions Awards, honoring businesses achieving outstanding results with analytics and decision management technology. The panel includes eight esteemed business leaders, analysts, and industry journalists from across the globe. Entries are due August 28, 2024, with ten award categories covering various aspects of AI, decision management, and digital transformation.

The awards recognize excellence in areas such as AI, Machine Learning and Optimization, Cloud Deployment, Customer Onboarding and Management, Debt Management, Decision Management Innovation, ESG Champion, Financial Inclusion, Fraud Management, and the FICO Industry Vanguard and Pioneer Award. Winners will be honored at FICO® World, held May 6-9, 2025, in Hollywood, Florida, receiving recognition and complimentary conference passes.

FICO (NYSE: FICO) has introduced new innovations to its FICO® Platform, enhancing real-time decision-making capabilities at both speed and scale. The updates focus on managing growing data demands while improving agility and predictiveness. Key enhancements include:

1. Data Connection and Ingestion: Increased flexibility in data processing configuration.
2. Enterprise Optimization: A new algorithm for large-scale models that's four times faster.
3. Applied Analytics & ML: Improvements to credit risk modeling with business-friendly parameters.
4. Intelligent Decisions and Digital Twins & Simulation: Enhanced back-testing capabilities for business strategies.

These improvements aim to help enterprises leverage their growing data to make high-stakes decisions, create improved customer interactions, and maintain trust in an AI-powered world.