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Digital Identity, Security & Online Fraud

UniCredit selects FICO's fraud solution

Friday 15 February 2013 | 10:04 AM CET

Global decision management services provider FICO has partnered UniCredit, the Italy-based European banking group, to enable the latter to use its application fraud solution to help reduce fraud losses on personal loans and improve the customer experience in its Italian banking business.

As part of its credit application process, UniCredit will score each loan for its possibility of being fraudulent. Custom fraud models developed by FICO based on UniCredit's data will be used to analyze personal loans and models developed by UniCredit and certified by FICO will be used to analyze mortgage loans. FICO will also work with UniCredit to define which criteria to check on each application to detect more fraud and to regularly fine-tune the models and UniCredit's fraud rules based on fraud attacks. The solution is aimed at detecting both third-party fraud, where the criminal uses another person's identify to obtain credit, and first-party fraud, where an individual takes out credit under his or her own name but with no intent to repay.

UniCredit is an international financial institution which services 22 European countries and an international network of almost 50 markets. FICO Falcon Fraud Manager provides fraud prevention, detection, investigation, recovery and remediation. The company’s service is based on neural network models that analyze transaction behavior and spending patterns to produce a fraud risk score.
 

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