Fair Isaac Corporation, a provider of analytics and decision technology, announced the availability of a complete suite of identity theft solutions that help financial services institutions and telecommunications providers effectively stem application fraud and account takeovers before major losses occur.
Identity theft is a growing problem that costs credit grantors billions of dollars in losses annually. A recent study by the Federal Trade Commission estimates that in the past year, approximately 10 million consumers were victims of identity theft, costing businesses and consumers $47 billion in losses. Integrating Fair Isaac's Application Fraud Models into the loan origination process and the company's new Falcon Fraud Manager identity fraud solution into the transaction authorization process can significantly reduce fraud losses and strengthen the bottom line.
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