FICO has teamed up with Jersey Telecom to fight Authorised Push Payment Fraud.
Takeaway Points
- FICO teams up with Jersey Telecom to fight payment fraud.
- FICO Customer Communications Service Scam Signal is currently available in Jersey, the UK, and Spain.
Why did FICO Team Up with Jersey Telecom?
FICO, a global analytics software leader, said on Wednesday that in the fight against the growing problem of financial scams, it has collaborated with Jersey Telecom (JT) to develop a powerful solution that enables direct, near-real-time intervention to protect customers.
According to the report, the FICO Customer Communications Service Scam Signal is currently available in Jersey, the UK, and Spain.
Clare Messenger, Head of Mobile Intelligence Solutions at JT, said in a statement, “Authorised Push Payment fraud is where consumers are tricked into sending authorised payments to scammers. This type of fraud is growing around the world; 2023 losses in the UK alone reached £460million. To protect customers from being caught by such scams, the new FICO and JT solution enables direct intervention with the customer to quickly determine if a payment should proceed.”
Adam Davies, vice president of product management at FICO, commented, “The integration of Scam Signal within the FICO Customer Communications Service allows banks to present customers with personalised, omni-channel and highly contextualised messages that break the scammer’s spell for high-risk activities.”
The Software company said that major high street banks in the UK are implementing the product, with the first to pilot it reporting that they reduced the number of people scammed by 41 percent, decreased fraud losses from scams by 44 percent, and lowered false positives (payments flagged as fraud that are in fact genuine) by 55 percent,.
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 100 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 90% of top US lenders, is the standard measure of consumer credit risk in the US and has been made available in over 40 other countries, improving risk management, credit access and transparency.
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.
