UBS Card Center Wins Security Innovation Award Using FICO AI
- UBS Card Center has won the Security Innovation of the Year award at the
Retail Banker InternationalAwards, based on fraud reduction using FICO AI and machine learning
- UBS Card Center's fraud team used the the latest artificial intelligence and machine learning capabilities in the FICO® Falcon® Platform to stop 84 percent more fraudulent transactions last year than in 2015
- Using FICO AI and machine learning, UBS Card Center investigated 42 percent more fraud alerts without increased staffing
- UBS Card Center processes roughly 25 percent of all credit cards in
UBS Card Center, which processes roughly 25 percent of all credit cards in
The need to optimise costs in the face of fierce competition meant UBS Card Center had to keep fraud write-offs to the very minimum. They were facing new fraud attack volumes but needed to uphold the highest standards for customer experience and satisfaction. This required the use of machine learning to minimize consumer interruptions while investigating more potential cases of fraud, all without adding staff.
To tackle this multi-dimensional problem, fraud experts at UBS Card Center used the free-form rule writing within the FICO Falcon Platform to create complex rules that deployed multiple AI techniques, including adaptive analytics. Adaptive analytics use the results of recent fraud investigations to automatically fine-tune the underlying neural networks in order to accurately reflect the latest fraud landscape. These custom rules, combined with the advanced analytics, were the only way to improve false-positives and fraud detection rates.
Using FICO AI and machine learning, UBS Card Center managed to investigate and resolve 42 percent more fraud alerts without bringing in new staff resources.
"We are combining our deep expertise in analyzing fraud trends and the latest breakthroughs in AI and machine learning from FICO to keep losses and false-positives low and customer satisfaction high," said
"UBS Card Center has reduced the amount of fraud write-offs per compromised card, stopped more fraudulent transactions and mitigated false-positive rates using the FICO Falcon Platform," said
"UBS Card Center have taken an aggressive stance against fraud," said
Powered by more than 100 patents in fraud-specific machine learning and AI, the FICO® Falcon® Platform helps financial institutions detect and prevent fraud seamlessly, in real time, all while improving the bottom line and advancing the consumer experience. The FICO Falcon Platform is the world's leading payments fraud solution and protects more than 2.6 billion payment cards worldwide.
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Emily Broadbent for FICO, Catalysis, +44 (0)20 7759 2017, firstname.lastname@example.org