Editorial & Advertiser Disclosure Global Banking And Finance Review is an independent publisher which offers News, information, Analysis, Opinion, Press Releases, Reviews, Research reports covering various economies, industries, products, services and companies. The content available on globalbankingandfinance.com is sourced by a mixture of different methods which is not limited to content produced and supplied by various staff writers, journalists, freelancers, individuals, organizations, companies, PR agencies Sponsored Posts etc. The information available on this website is purely for educational and informational purposes only. We cannot guarantee the accuracy or applicability of any of the information provided at globalbankingandfinance.com with respect to your individual or personal circumstances. Please seek professional advice from a qualified professional before making any financial decisions. Globalbankingandfinance.com also links to various third party websites and we cannot guarantee the accuracy or applicability of the information provided by third party websites. Links from various articles on our site to third party websites are a mixture of non-sponsored links and sponsored links. Only a very small fraction of the links which point to external websites are affiliate links. Some of the links which you may click on our website may link to various products and services from our partners who may compensate us if you buy a service or product or fill a form or install an app. This will not incur additional cost to you. A very few articles on our website are sponsored posts or paid advertorials. These are marked as sponsored posts at the bottom of each post. For avoidance of any doubts and to make it easier for you to differentiate sponsored or non-sponsored articles or links, you may consider all articles on our site or all links to external websites as sponsored . Please note that some of the services or products which we talk about carry a high level of risk and may not be suitable for everyone. These may be complex services or products and we request the readers to consider this purely from an educational standpoint. The information provided on this website is general in nature. Global Banking & Finance Review expressly disclaims any liability without any limitation which may arise directly or indirectly from the use of such information.

FICO Labs: California, Florida and Northeast Were Hotspots for ATM Fraud in 2012

Latest research finds credit card fraud climbed in 20 states

LONDON — March 20, 2013 — FICO (NYSE: FICO), a leading predictive analytics and decision management software company, today released data showing which states were hardest hit by ATM compromises across the U.S. last year. FICO Labs data also showed that 20 states saw an increase in credit card fraud, including several along the East Coast.

An interactive map showing debit card and credit card fraud trends is available at ficousfraudmap.com

Nearly half (46 percent) of all card skimming reported by the FICO® Card Alert Service occurred at bank ATMs, while 36 percent took place at retail point-of-sale (POS) terminals, and 18 percent occurred at white-label ATMs – machines not operated by banks. These results were significantly different from the data observed in 2011, when 79 percent of skimming incidents occurred at POS terminals, due largely to a multi-state crime ring that was identified by the FICO Card Alert Service.

“The prevailing fraud scheme has been ATM skimming because that only requires a PIN, not a signature – a finding that is clearly reflected in the map,” said John Buzzard, who manages the FICO Card Alert Service, which analyses more than 65 percent of all ATM transactions in the U.S. each day. “Skimming at bank-owned ATMs and white label/off-premise ATMs increased in 2012, and California, Florida and the Northeast were hit particularly hard.”

In its data concerning credit card fraud, FICO Labs found increases in 20 states, including 7 states on the East Coast: Maine, Massachusetts, New York, North Carolina, Pennsylvania, Vermont and Virginia. The state with the largest increase in credit card fraud was South Dakota, where the rate jumped nearly 26 percent.

“Fraud continues to be problematic and we must remain vigilant about protecting credit cards and bank accounts, but the good news is that innovative technologies are making it increasingly difficult to commit payment fraud,” said Doug Clare, FICO’s fraud chief. “In the 21 years since FICO Falcon Fraud Manager brought real-time fraud detection to the marketplace, the losses on U.S. credit cards, as a percentage of credit card sales, have been cut by more than 70 percent. It’s important to keep that in mind despite year-to-year fluctuations in fraud activity.”

The FICO Labs research is based on debit card data from the FICO® Card Alert Service, and credit card data from the FICO® Falcon® Fraud Consortium, which is used to develop models for FICO® Falcon® Fraud Manager. The FICO Falcon Fraud Consortium comprises data from more than 2.5 billion active credit and debit payment cards, sourced from issuers 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™.

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

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