U.S. Department of Defense to Enhance Charge Card Fraud Detection with Fair Isaac Falcon Technology
Fair Isaac’s fraud analytic and risk assessment capabilities will help Department further improve purchase card policy compliance and increase savings
(Minneapolis, Minnesota, USA) - Fair Isaac Corporation (NYSE:FIC), the leading provider of analytics and decision management technology, today announced that the U.S. Department of Defense (DoD) will utilize the company’s industry-leading fraud detection technology to deter misuse in its Purchase Card Program.
The DoD Purchase Card Program enables authorized DoD personnel to purchase certain goods and services, such as office supplies and equipment, directly from private sector vendors. It is one of several charge card programs that the DoD operates to streamline business processes and reduce administrative costs.
Under terms of the agreement, Fair Isaac’s wholly owned subsidiary HNC Software LLC will deliver a custom modified Falcon™ Fraud Manager solution in an ASP environment to help the DoD combat misuse of purchase cards-including cardholder and vendor fraud. Falcon Fraud Manager is recognized as the leading global payment card fraud detection system. It protects nearly 900 million payment card accounts across six continents, and saves businesses in the financial services, retail, telecommunications, government and other sectors millions of dollars every day.
“The use of charge cards across federal agencies helps to streamline the procurement of goods and services, but it also requires reliable and efficient fraud management to prevent losses due to card fraud and abuse,” said John McDowell, vice president, Government Solutions at Fair Isaac. “Fair Isaac’s advanced, real-time fraud analytics are known worldwide for their effectiveness in helping organizations cut losses and protect their customers from fraudulent transactions. We welcome the opportunity to work with the DoD in establishing effective fraud detection and prevention practices that will further streamline its operations for even greater control over fraud and abuse.”
The custom fraud solution will analyze each authorization transaction using DoD-specific risk indicators. By leveraging custom predictive models developed specifically for the DoD purchase card program as well as patented account profiling technologies and sophisticated case management, the analytic solution will quickly and reliably identify at-risk transactions and generate a risk score.
Based on scoring thresholds and flexible, user-defined rules, a transaction will be referred for further evaluation. Periodic audits and risk assessments will help the DoD identify and keep ahead of emerging new schemes for purchase card misuse.
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