Scam Signal Solution from FICO and Jersey Telecom Wins Anti-Fraud Award
FICO® Customer Communications Service Scam Signal wins award at Credit & Collections Technology Awards; solution uses telephony signals to spot scams
Scam Signal is the first real-time application of telephony data being used with customer and payment data to tackle the issue of authorised push payment (APP) fraud, where consumers are tricked into authorising payments from their accounts to scammers. It is the only solution that provides an integrated approach, seamlessly connecting telephony data with fraud decision making and prevention. This enables direct, near real-time customer intervention to determine if a payment should proceed.
“With APP fraud causing
Scam Signal uses advanced analysis of real-time network data together with customer and payment data, during live transactions, to effectively detect and mitigate social engineering attempts aimed at deceiving and defrauding account holders. The solution can incorporate this data across 2G, 3G, 4G, 5G Volte and Wi-Fi calling for multiple mobile network operators and is currently being extended to support
Results from banks using the solution include:
-
Reduced the number of people scammed by
41% . -
Decreased fraud losses from scams by
44% . -
Lowered false positives (payments flagged as fraud that are in fact genuine) by
55% .
“Stopping any kind of scam or fraud requires a real-time response,” said Matt Cox, vice president and general manager of FICO in EMEA. “Working with JT, we have integrated Scam Signal with our omni-channel communications solution so that banks can easily interact directly with their customers to provide warnings and guidance that can prevent them from sending a payment to a fraudster, reducing the number of people who fall victim to scams.”
About the Credit & Collections Technology Awards
The Credit & Collections Technology Awards recognize excellence and innovation in the
The full list of winners is at https://awards.credit-connect.co.uk/awards-winners.
About Jersey Telecom
Jersey Telecom (JT) has evolved from a government-owned telecom entity into a successful global tech company, offering innovative connectivity, mobile intelligence, and business solutions. With over 135 years of history and headquartered in the British Channel Islands, JT employs over 500 people worldwide. In 2018, JT became the first telco to provide fibre-to-the-home for all broadband users. In 2023, JT began upgrading this network using Ericsson’s energy-efficient technologies to launch 5G, in that same year JT acquired Spectrum Message Services, expanding their Mobile Intelligence services, which now provides secure transaction alerts to over 135 million customers globally.
Learn more at JT International | JT International (jtglobal.com)
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 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, insurance, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in more than 80 countries do everything from protecting 4 billion payment cards from fraud, to improving financial inclusion, to increasing supply chain resiliency. The FICO® Score, used by
Learn more at https://www.fico.com
FICO is a registered trademark of Fair Isaac Corporation in the
View source version on businesswire.com: https://www.businesswire.com/news/home/20241120233978/en/
FICO
Wendy Harrison/Parm Heer
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0208 977 9132
Source: FICO