Fair Isaac Corporation - FICO STOCK NEWS

FICO's latest global consumer fraud research highlights growing concerns among Indians about real-time payment scams, with 34% worried about being tricked into sending money to criminals. Identity theft remains a significant issue, with 37% believing they may have been victims. With the widespread adoption of platforms like Paytm, Google Pay, and PhonePe, 64% of respondents reported receiving scam communications. Alarmingly, 45% admitted to sending real-time payments for non-existent goods or services, with 36% losing up to INR 50,000. Despite these concerns, only 43% reported losses to banks. The study underscores the urgent need for robust fraud protection, which is a top priority for Indians choosing financial service providers.

FICO's latest survey reveals that 32% of Malaysians are concerned about payment fraud, with real-time payment scams on the rise. Identity theft worries persist, affecting 37% of respondents. Real-time payment adoption is growing rapidly, with 92% of adults using it and 55% expecting increased use next year. Despite the convenience, 76% have received scam communications, and 19% have fallen victim to scams involving real-time payments. Most losses were under MYR 500, though some were as high as MYR 7,500. Only 28% reported these losses to their banks. Malaysians prioritize fraud protection and ease of use when selecting financial service providers. FICO emphasizes the need for banks to invest in advanced fraud detection solutions amid this trend.

FICO, a leading analytics software firm, has announced that Paramount Residential Mortgage Group (PRMG), a modern multi-channel mortgage lender, has adopted FICO® Score 10 T. This newest and most predictive scoring model will enhance PRMG’s lending technology and borrower experience. FICO Score 10 T aims to increase mortgage loan approvals and reduce delinquencies. It can boost mortgage originations by up to 5% and decrease default risk by up to 17%. The adoption supports PRMG’s growing non-qualified mortgage channel and aligns with their commitment to innovative lending technology. FICO also offers a Migration Resource Center to assist organizations in transitioning to FICO® Score 10 T.

FNBO, one of the largest privately held banks in the U.S., partnered with FICO to offer consumers free access to their FICO® Scores through the Credit Watch℠ program. Since the launch, nearly 500,000 customers have enrolled, representing 17% of the online consumer credit card population. This initiative aims to empower customers with financial knowledge, leading to better credit decisions and early detection of identity theft.

FICO, a top predictive analytics and decision management software company, will have its CEO present at the Barclays Americas Select Franchise Conference 2024 on May 8th in London. The presentation will be streamed live on FICO's website.

FICO reported strong second quarter fiscal 2024 results with earnings of $5.16 per share, a revenue of $434 million compared to $380 million in the prior year, and a non-GAAP EPS of $6.14 versus $4.78 in the prior year. The company raised its full-year guidance and updated its 2024 revenue, net income, and EPS expectations.

The FICO UK Credit Card Market Report for February 2024 shows a mixed picture on consumer confidence and financial pressures. While there was an increase in spending post-seasonal dip in January, payments to balance fell by 3.6% compared to the previous year. Average credit card balance increased by 6.6% year-on-year, with inflation impacting spend patterns. Despite improvements in missed payments, credit card providers need to monitor payment percentages closely.

FICO partners with leading technology firms like Dock, TSYS, Fiserv, TCS, Infosys, Teradata, and AWS to leverage FICO analytics and decision management technology for fraud prevention, customer centricity, risk management, and infrastructure modernization. The partners were recognized for their strategic impact, growth strategy, innovation, and excellence at FICO World event. Dock prevents over USD$71 million in fraudulent transactions monthly in Latin America. TSYS enhances performance efficiency and customer relationship optimization through cloud deployments with FICO. Fiserv expands globally with FICO technologies. TCS drives profitable decisions at scale with FICO Platform. Infosys offers Decisioning-as-a-Service and Fraud Management Studio powered by FICO. Teradata collaborates with FICO for seamless data analytics and operationalization. AWS is recognized for leveraging FICO technology globally.

TD wins the 2024 FICO Decisions Award for Fraud Management at the FICO World conference. The collaboration between TD and FICO has enhanced the bank's data-driven fraud detection and prevention capabilities. TD successfully implemented the TD North American Fraud Detection Platform with the help of FICO, integrating real-time customer and financial payments data for advanced fraud detection. The implementation involved multiple business units and focused on protecting TD customers from evolving fraud tactics. FICO Platform enables real-time fraud health monitoring to combat fraud trends and threats efficiently. TD's use of FICO Platform has improved fraud detection, prevention, and management capabilities, leading to better customer experiences and agility in fraud monitoring.