FICO, a predictive analytics and decision management software supplier has announced that Shop Direct has had great success fighting multiple types of credit fraud using its solutions.
Shop Direct’s enterprise fraud management solution, built using the FICO(®) Decision Management Suite, monitors every online purchase on the group’s retail brand sites, Very, Littlewoods, VeryExclusive. Customers have several options for making online purchases, including interest-free credit and instalment payments. The FICO solution scores each transaction in real time, comparing multiple facets of the transaction against the customer’s profile to detect unusual patterns. The solution also scores new applications for credit. Shop Direct’s fraud team can then define review rates, policy rules and flash fraud rules using FICO(®) Blaze Advisor(®) decision rules management system.
“As the UK’s second-largest pure-play online retailer, we’re protecting not only our revenues and our customers but also our brands,” said Neil Chandler, Shop Direct’s CEO for Financial Services. “We have a very successful partnership with FICO for fraud protection, customer management and decision optimization. FICO analytics and tools are exactly what we need to protect our customers. We have been running the new FICO solution for more than 18 months and the performance over this time period has been consistently impressive. By adding FICO tools to our existing armoury of internal and external fraud tools, we are detecting in excess of 95 per cent of fraud cases at a review rate of only 3 per cent.”
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