Fraud management: How CCS Dock | FICO® solution blocks fraudulent transactions without compromising your customer experience

Published on May 26 2023.

reading time 9 minutes reading

Latin America is going a fertile period in the financial universe, as the banking process accelerates and new financial service providers emerge—whether they’re banks, fintech or companies from different industries adding solutions to their business. That scenario presenting big business opportunities also increases the challenge in scaling operations and handling fraud management as efficiently as possible.

In response to that scenario, Dock has partnered with FICO to offer a pay-as-you-go solution for prevention of fraude, enabling businesses of all sizes to rely on the best global technology in order to prevent fraudulent transactions.

That solution is based on FICO® Falcon® Fraud Manager and FICO® Customer Communication Services (CCS). Through CCS, Dock automates omnichannel communication with their clients in an agile manner so that it elevates fraud detection.

In this article, we’ll dive into how the CCS® Dock | FICO® platform delivers a system for onboarding and communication with financial service users, thus producing significant results for optimizing human resources and fraud management.

 

Fraud management: CCS® Dock | FICO® platform

 

CCS® (Customer Communication Services) is a module in the FICO® Falcon®platform, enabled by Dock through our Fraud Prevention. It is the best choice for fraud management in means of payment in the Latin American market.

The platform protects two thirds of all cards used globallyand operates in 17 out of the 20 largest global card issuers.

Within that system, CSS® Dock | FICO® is a tool orchestrating and automating the entire real-time communication with clients in financial services, by validating suspicious transactions through a variety of channels, including SMS, push, email, WhatsApp, browser and voice bot.

By enabling healthy transactions to be quickly validated at a low operational cost, CCS elevates fraudulent payment, contributing to the user loyalty of these financial services with the brands and generating a significant increase in the client's billing.

Through the licensing of the FICO® Falcon® and FICO® CCS® systems, Dock delivers a prevention solution to fraudand based on the best tool on the market. The anti-fraud solutions is accessible to fintechs and Latin American institutions in a model pay-as-you-goand with an agile process for the implementation of new emitters, with production start-up in up to two weeks.

 

 

Why having your fraud management with CCS Dock | FICO®

 

CCS is quickly implemented and, at the same time, it offers more benefits, which makes it a reference platform for financial institutions around the world. See some of those benefits below:

 

Authentic communication

Using a single solution platform creates seamless conversations for the entire customer journey—from originating accounts and integration to notifications, fraud management and billing. The interactions occur 24/7, and conversations are resumed when consumers switch channels or delays occur.

 

Business rules

Adjust your strategies for identifying channel windows and handling customer contacts by using an embedded rule engine to target customers, assign communication strategies and control workflows.

 

Optimization

Assess the risk associated to different communication strategies by improving your decision-making process using data, models and targeting in a mathematical process.

 

Cloud

Run implementations in compliance with PCI, with integrated disaster recovery and business continuity in the AWS Cloud.

 

AI, ML and advanced analytics

Combine models, strategies and optimization based on your data in order to discover trends and insights generating more responses and action.

 

Results from CCS Dock | FICO®

 

  • For every R$ 1 spent on CCS, an average of R$ 39 is saved in fraud.
  • The average loss prevented represents 3% of the cost of the application.
  • For every R$ 1 spent on the tool, an average of R$ 168 is recovered in prevented false-positives.
  • Comparing to the manual process, the volume processed would require an average of 60 operators to handle alerts daily. Using the CCS solution, operational savings reach approximately 200%.
  • 57% efficiency rate in customer engagement with a case resolution rate of less than 5 minutes on average.
  • Some of the issuers present a success rate of over 70% in contacting customers by using SMS, voice bot and email channels.

 

Read also | Financial inclusion and fraud prevention: How does security in payments contributes to new advances?

 

CCS Dock | FICO®: a solution awarded at FICO World 2023

 

The CCS® Dock | FICO is a winner at FICO Decisions Awards 2023, an award celebrating FICO clients and partners that have achieved exceptional results using technology for decision management and analytics to grow their business, manage risk and reduce cost.

 

management of fraudand CCS Fico Dock

Team Dock receiving the award at FICO Decisions Awards 2023, on May 17th.

 

In XNUMX, the launch of the Dock & FICO solution was especially relevant due to the challenges posed by Covid-XNUMX. Apart from the huge impact on health and economic issues in Latin American countries, the pandemic had secondary effects, such as an accelerated bankarization process for over XNUMX million people in the region.

With new financial service users, there was also an increase in vulnerability to scams and fraud. According to data provided by Febraban, in the first few months of the pandemic, the number of phishing scams increased by 80%, while other fraud attempts involving social engineering increased by 70%.

Dock continuously contributes to their clients’ ability to provide the best and most secure experience by offering financial solutions supported by CCS® technology for two-way, intelligent communication. So the right user can be contacted through the right channel (SMS, Voice, email and push), at the right time and in the most appropriate manner, bringing the final customer to the center of the process.

Thus, FICO Decisions Awards 2023 recognized Dock’s efforts to help drive financial services for banks, fintechs and companies through an excellent user experience so that the accelerated results actually result in a more widespread financial inclusion in Latin America.

 

Want to learn more about Dock’s fraud prevention platform? Watch the video below:

 

 

Fraud management with CCS Dock | FICO: Takeaways from this article

 

  • Latin America is going a fertile period in the financial universe, as the banking process accelerates.
  • That scenario presenting big business opportunities also increases the challenge in scaling operations and handling fraud management.
  • In response to that scenario, Dock offers a pay-as-you-go solution for fraud prevention, enabling businesses of all sizes to rely on the best global technology in order to prevent fraudulent transactions.
  • That solution is based on FICO® Falcon® Fraud Manager and FICO® Customer Communication Services (CCS).
  • CSS Dock | FICO is a tool orchestrating and automating the entire real-time communication with clients in financial services, by validating suspicious transactions through a variety of channels.
  • By enabling healthy transactions to be quickly validated at a low operational cost, CCS elevates fraud detection.
  • The solution is accessible to Latin American fintechs and institutions through a pay-as-you-go model and an agile process for implementing new issuers, going to production within two weeks.
  • CCS Dock | FICO is a winner at FICO Decisions Awards 2023, an award celebrating FICO clients and partners that have achieved exceptional results using technology for decision management and analytics to grow their business, manage risk and reduce cost.

 

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