Nov. 6, 2013
/PRNewswire/ -- As a follow-up to yesterday's announcement by FICO (NYSE: FICO) (
), a leading predictive analytics and decision management software company, announced the availability of a new proximity correlation service for credit and debit card issuers which is aimed at improving the safety of payment card transactions. The new FICO service which several UK banks are planning to deploy has been developed in partnership with ValidSoft, a wholly owned subsidiary of Elephant Talk Communications Corp. (NYSE MKT: ETAK), a leading provider of proprietary Software Defined Network Architecture (Software DNA™) platforms for the telecommunications mobile industry and a market leader in providing solutions to counter electronic fraud in the cloud.
The FICO® Proximity Location Service, part of FICO® Fraud Resolution Manager, compares the physical location of a cardholder's registered mobile phone against the location of the ATM or point-of-sale terminal where the card is being used. Based on the proximity, a cardholder account can be blocked or cleared for further activity. In trials of the service with UK card accounts, the ability to perform this proximity matching reduced the number of "false positives" (genuine transactions investigated because they appear to be fraudulent) on international transactions by as much as 70 percent. Several UK banks are now developing deployment plans for the new FICO service.
Pat Carroll, CEO of ValidSoft
, commented, "ValidSoft is pleased to be increasing our relationship with FICO to provide them with both our SIM Swap and Proximity Correlations solutions. The adoption by FICO for Proximity Correlation takes our solutions mainstream and we are immensely excited at the potential, given the size of the global addressable market. In an increasingly 'always connected' world, where our communications devices work globally and borders become inconsequential in terms of connectivity, having legitimate card transactions declined simply because they are occurring in a foreign country is unjustifiable and unnecessary. The uses for this advanced technology solution are many but none more beneficial than this international card conundrum."
Fraud Resolution Manager is an automated, two-way communications service that processes fraud cases by leveraging intelligent data assessment, advanced decision management and customer intervention. It gives organizations the scalability to process high volumes of cases simultaneously, performing investigations, shaping customer action and contact strategies, and reaching resolution in seconds. FICO Fraud Resolution Manager can be seamlessly integrated with FICO
Fraud Manager, the world's leading platform for credit fraud management, which protects 2.5+ billion card transactions a year.
ValidSoft's Proximity Correlation Logic® greatly reduces the number of declined transactions, due to incorrectly suspected, card fraud, resulting in less customer complaints and interaction with help desks and a far higher level of customer satisfaction and privacy. Having card transactions declined when overseas on business or holiday can cause great stress to cardholders and is a significant problem for UK issuers, one that the leading UK banks are now actively looking to address. ValidSoft's patent pending Proximity Correlation Logic® has been accredited with a European Privacy Seal, a testament to the privacy-sensitive fashion in which the service operates.