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Last updated on April 16, 2014 at 17:22 EDT

FICO and FBI Team Up to Tackle Bank Robbery

March 8, 2012

MINNEAPOLIS, March 8, 2012 /PRNewswire/ — FICO (NYSE:FICO), the leading provider of analytics and decision management technology, today announced that its Fraud Alert Forum website will host the Federal Bureau of Investigation’s confidential discussions on bank robbery investigations, as part of the FBI’s Bandit Shield initiative.

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The FBI launched the Bandit Shield initiative in San Antonio on January 30, 2012, with the goals of reducing bank robberies and assisting local, state and federal law enforcement agencies with robbery investigations. Financial institutions participating in Bandit Shield have agreed to implement a variety of best practices and other security measures to help deter robberies. The FBI is considering a national rollout of Bandit Shield in the near future.

FICO’s highly respected Fraud Alert forum hosts online discussions among a community of financial professionals, law enforcement agents and technology experts. Topics of discussion range from new criminal schemes to successful technology implementations. Access to the online forum, managed by FICO’s bank fraud experts, requires security clearance.

“FICO’s fraud management expertise is unparalleled in the financial services industry,” said FBI Agent Dennis May. “In order for Bandit Shield to succeed, the FBI needs access to the kind of engaged community FICO has created, where individuals are addressing real-life fraud scenarios as they happen.”

“The FICO Fraud Alert Forum will have an even richer knowledge base thanks to this partnership with FBI Bandit Shield,” said John Buzzard, manager of fraud investigations at FICO. “Bandit Shield discussions will deepen our domain expertise and help us ensure that our fraud detection and prevention products do even more to stop criminals and protect consumers.”

FICO has a long history of working closely with law enforcement agencies behind the scenes to resolve financial crimes, including credit card fraud, ATM skimming and other compromises of bank security. For example, FICO® Card Alert Service, which protects more than 60 percent of U.S. debit cards, is widely recognized as the first line of defense against counterfeit debit card and ATM deposit fraud. The service analyzes daily transactions across a network of 11,000 institutions to identify and report counterfeit cards. FICO’s portfolio of enterprise fraud solutions for banking also includes FICO® Falcon® Fraud Manager, which protects more than 2 billion payment cards worldwide.

About FICO

FICO (NYSE:FICO) 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 FICO® Score — the standard measure of consumer credit risk in the United States — along with industry-leading solutions for 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. FICO also helps millions of individuals manage their personal credit health through www.myFICO.com. Learn more at www.fico.com. FICO: Make every decision count(TM).

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, 2011 and its last quarterly report on Form 10-Q for the period ended December 31, 2011. 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.

FICO, Falcon and “Make every decision count” are trademarks or registered trademarks of Fair Isaac Corporation in the United States and in other countries.

SOURCE FICO


Source: PR Newswire