By leveraging their Falcon Fraud Platform, a transaction management program, FICO is restoring confidence and capability to customers. Users will have the ability to set specific controls on bank card use by blocking certain transactions, locations, purchase types and merchant types.
Additionally, the app can send out real-time alerts and push notifications whenever a card is used. If recent activity looks suspicious, card function can be frozen directly from the app.
For some, it’s not so much a matter of protection as a matter of control.
“These controls do more than just protect against fraud,” said TJ Horan, vice president of fraud solutions at FICO. “They enable concerned consumers and active budget managers to control how their cards are used.”
The app originated from the results of a 2014 FICO study. Over half of respondents in the UK and the U.S indicated a desire for a mobile app that would give them peace of mind about their finances.
Working in conjunction with banks and partners, the app can be integrated with existing applications.
“This is the easiest and most comprehensive solution of its type, and we’re making it available to our banking partners,” said Horan. “The extra layer of protection may increase a cardholder’s spending levels, improve the bank’s share of wallet, and increase engagement with the bank’s mobile app.”
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