Cloud-based solution provides banks and
payment providers with fraud protection powered by
artificial intelligence and machine learning
TEANECK,
N.J. and BOZEMAN,
Mont., April 17, 2024 /PRNewswire/
-- Cognizant (NASDAQ: CTSH) announced today a planned
collaboration with FICO, a leading analytics software company,
to launch a cloud-based real-time payment fraud
prevention solution powered by FICO®
Falcon® Fraud Manager. The joint offering
would leverage both firms' artificial intelligence (AI) and machine
learning (ML) technology to help banks and other payment service
providers in North America protect
their customers from fraud in the growing world of
instant digital payments.
While real-time payments have ushered in a new era of speed and
convenience, they have also opened the door for scammers. The
Cognizant and FICO offering would tackle this challenge by
providing real-time fraud prevention with a seamless
integration of the real-time payments rails. The offering is
expected to enable the detection and blocking of fraudulent
transactions with greater accuracy, minimizing losses, and creating
a secure and seamless consumer experience.
"In today's fast-paced financial landscape, staying ahead of
fraudsters is crucial. Our collaboration with Cognizant aims to
provide stronger protection for real-time payments by combining the
Cognizant communication layer and clearing gateway with FICO Falcon
Fraud Manager, the leading payments fraud
management solution," said Alexandre
Graff, Global Head of Partners & Alliances at FICO. "By
working together, we're striving to ensure a safe and secure future
for real-time payments for multiple payment clearings such as
FedNow, RTP, and SEPA Instant Credit Transfer."
For banks of all sizes, this proposed cloud-based solution can
be implemented on a pay-per-use or licensing basis, eliminating
upfront costs and simplifying the process. Additionally, the
proposed solution will handle complex compliance requirements and
integration tasks, allowing businesses to focus on their core
operations.
"As new instant payments like FedNow Service gain popularity,
banks and payment providers need to have guardrails in place to
protect customers from the growing number of financial scams," said
Nageswar Cherukupalli, Senior Vice
President & Business Unit Head of Banking & Capital Markets
and Strategic Initiatives of Cognizant. "Our collaboration with
FICO intends to provide an AI- and ML-based layer of protection
against sophisticated threats by detecting and blocking
fraud with granular precision, reducing losses, and
improving consumer experience."
About Cognizant
Cognizant
(Nasdaq: CTSH) engineers modern
businesses. We help our clients modernize technology,
reimagine processes and transform experiences so they can
stay ahead in our fast-changing world. Together, we're improving
everyday life. See how
at www.cognizant.com or
@cognizant.
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 2.6 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 other countries,
improving risk management, credit access and transparency. Learn
more at www.fico.com.
Contact: Katrina Cheung,
katrina.cheung@cognizant.com
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SOURCE Cognizant Technology Solutions Corporation