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Fair Isaac Corporation (FICO) delivers essential analytics solutions powering credit scoring and risk management worldwide. This dedicated news hub provides investors and professionals with timely updates on FICO’s strategic initiatives, financial performance, and industry leadership.
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FICO (NYSE: FICO) has been named a Leader in the IDC MarketScape: Worldwide Decision Intelligence Platforms 2024 Vendor Assessment. The report highlights FICO® Platform as a solution that revolutionizes digital transformation for businesses through an end-to-end integrated approach. Key strengths of FICO Platform include:
- Strong brand equity, especially in regulated industries
- Scalable data integration capabilities across internal and over 100 external sources
- Flexibility in decision models
- Positive client feedback on support and machine learning capabilities
The platform empowers organizations to drive critical, strategic business outcomes across the entire customer lifecycle while enabling agile and collaborative innovation.
FICO, a global analytics software leader, is hosting free Score A Better Future™ (SABF) Fundamentals credit education workshops at Durango High School in Las Vegas on October 18. Kyle Busch, two-time NASCAR Champion and Richard Childress Racing driver, will participate in a workshop at his alma mater to inspire students about finances, credit, and FICO® Scores.
The initiative aims to address the financial literacy gap in the U.S., as a recent FICO survey found that 28% of Gen Z don't consider themselves financially literate. The SABF Fundamentals curriculum is available for free to all accredited middle and high schools, providing educators with materials to teach students about personal finance and credit decisions.
FICO's survey also revealed that 90% of Gen Z young adults believe their financial situation would improve with more personal finance resources and education. The FICO® Score is used by 90% of top U.S. lenders for various credit decisions, emphasizing the importance of understanding personal FICO Scores.
FICO's latest global consumer fraud research reveals alarming attitudes toward first-party financial fraud in Malaysia. The survey shows that 55% of Malaysians think it's OK or normal to exaggerate income on loan applications, significantly higher than the global average of 39%. Key findings include:
- 66% believe misrepresenting income on bank account applications is normal or acceptable
- 64% think the same for automotive financing applications
- 59% for mortgage applications
- 37% find exaggerating income on personal loan applications acceptable under specific conditions
The research also highlights that falsifying insurance claims is viewed as the most taboo form of fraud, with 49% of Malaysian respondents believing it is not acceptable. FICO warns that these attitudes pose significant risks to financial institutions and urges the implementation of effective fraud prevention strategies.
FICO's latest global consumer fraud survey reveals concerning attitudes towards financial fraud in the Philippines. More than half of Filipinos believe it's acceptable or normal to misrepresent income on various financial applications:
- 56% for bank accounts
- 55% for automotive financing
- 53% for mortgages
Notably, 36% of Filipinos find exaggerating income on personal loan applications acceptable under certain conditions, while 15% view it as normal. The survey also highlights significant risks in the growing mortgage sector, with 37% of Filipino consumers believing it's acceptable to lie on mortgage applications under certain circumstances.
Falsifying insurance claims is seen as the most taboo form of fraud, with 62% of Filipino respondents considering it unacceptable. Aashish Sharma, APAC segment leader at FICO, emphasizes the need for financial institutions to strengthen risk assessment procedures and adopt holistic data approaches to combat application fraud.
The FICO UK Credit Card Market Report for July 2024 reveals key trends in consumer credit behavior. Spending on credit cards dropped by 2.7% month-on-month and 1.2% year-on-year, to £815. Despite this, the average balance increased by 5.3% compared to 2023, reflecting the ongoing impact of inflation.
Notably, there was an increase in customers missing payments across all cycles, with established customers (1-5 years) showing the highest percentage of missed payments. The report also highlights a 2.3% month-on-month increase in the percentage of balances paid, reaching 37.8%.
Cash usage on credit cards saw a 0.5% increase from the previous month, although it remains 4.8% lower than the previous year. FICO advises issuers to consider pre-collections treatments and review affordability metrics for customers coming off promotional offers to align with Consumer Duty requirements.
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.
