UBS Card Center Wins Security Innovation Award Using FICO AI

UBS Card Center, which processes roughly 25 percent of all credit cards in Switzerland, has won the Security Innovation of the Year award at the Retail Banker International Awards, presented in London. UBS Card Center's fraud team used the the latest artificial intelligence and machine learning capabilities in the FICO Falcon Platform to stop 84 percent more fraudulent transactions last year than in 2015. The need to optimise costs in the face of fierce competition meant UBS Card Center had to keep fraud write-offs to the very minimum. They were facing new fraud attack volumes but needed to uphold the highest standards for customer experience and satisfaction. This required the use of machine learning to minimize consumer interruptions while investigating more potential cases of fraud, all without adding staff.