Technology -> Security
Released: 25th January 2013
London — January 24, 2012 — FICO (NYSE:FICO), the leading provider of analytics and decision management technology, today announced that Santander has received a 2012 Banking Technology Award for Best Security Initiative for its SIM swapping solution, developed with Adeptra and rolled out in Santander’s UK operations. FICO acquired Adeptra in August. The award was given in December by Banking Technology magazine.
Banks are seeing an increase in “SIM swapping”, a financial crime where criminals take over a customer’s mobile phone number by having it moved to a SIM (subscriber identification module) card in their possession in order to acquire security messages and one-time passwords sent to the consumer by the bank. The criminals are then able to change details, add beneficiaries and transfer money out of the account, using personal information that may have been acquired through phishing attempts. Following a pilot with a number of vendors, Santander chose to work with Adeptra and its partner ValidSoft to develop, test and implement the world's first real-time detection and prevention application to tackle the growing problem in the banking industry.
“The security of a bank is the top priority when customers choose who to bank with,” said Karen Tyler, head of Fraud Operations at Santander UK. “Customers want a secure account, but they do not want to be inconvenienced. The solution we developed with Adeptra is invisible to the customer, but offers better protection, improving the customer experience.”
“Once again, Santander leads the market by engaging and delivering the most sophisticated anti-fraud solutions in the industry,” said Tony McGivern, FICO’s chief information officer and former CEO of Adeptra. “The bank used advances in technology provided by Adeptra to secure the online and mobile channels, and reduce fraud losses.”
Over their 13-year history, the Banking Technology Awards have become established as the premier event recognizing excellence in the use of IT in financial services. Each year the event has grown as an ever-wider pool of entrants vie for the recognition that the awards confer on their efforts – from small regional banks in central Europe and Africa to industry behemoths with multi-million budgets and global projects.
FICO (NYSE:FICO), formerly known as Fair Isaac, delivers superior predictive analytics solutions that drive smarter decisions. The company’s groundbreaking use of mathematics to predict consumer behavior has transformed entire industries and revolutionized the way risk is managed and products are marketed. FICO’s innovative solutions include the industry-leading solutions for measuring credit risk, managing credit accounts, identifying and minimizing the impact of fraud, and customizing consumer offers with pinpoint accuracy. Most of the world’s top banks, as well as leading insurers, retailers, pharmaceutical companies and government agencies, rely on FICO solutions to accelerate growth, control risk, boost profits and meet regulatory and competitive demands. Learn more at www.fico.com. FICO: Make every decision count™.
For FICO news and media resources, visit www.fico.com/news.
Statement Concerning Forward-Looking Information
Except for historical information contained herein, the statements contained in this news release that relate to FICO or its business are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including the success of the Company’s Decision Management strategy and reengineering plan, the maintenance of its existing relationships and ability to create new relationships with customers and key alliance partners, its ability to continue to develop new and enhanced products and services, its ability to recruit and retain key technical and managerial personnel, competition, regulatory changes applicable to the use of consumer credit and other data, the failure to realize the anticipated benefits of any acquisitions, continuing material adverse developments in global economic conditions, and other risks described from time to time in FICO’s SEC reports, including its Annual Report on Form 10-K for the year ended September 30, 2012. If any of these risks or uncertainties materializes, FICO’s results could differ materially from its expectations. FICO disclaims any intent or obligation to update these forward-looking statements.
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Published by: electronicdawn Ltd.