Wells Fargo Enhances Fraud Protection and Customer Experience Using FICO Solutions

Wells Fargo is named FICO’s Industry Vanguard for their innovative use of machine learning and analytics to identify fraud attacks.

Highlights:

• Wells Fargo uses FICO software to fight against fraud in real-time to protect consumers and business customers.
• Machine learning models protect both deposits into accounts and debit card payments.
• Wells Fargo wins FICO’s Choice 2022 Industry Vanguard Award.

Wells Fargo, a leading financial services company, will be honored as FICO’s Choice 2022 Industry Vanguard Award recipient for its success in using FICO analytic software solutions to protect its consumer and business accounts. Using FICO solutions, including FICO® Falcon® Fraud Manager, Wells Fargo applied machine learning analytics to internal and third-party data to identify and adapt to sophisticated fraud attacks in real-time.

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Wells Fargo has approximately $1.9 trillion in assets and proudly serves one in three U.S. households and more than 10 percent of small businesses in the U.S. Working closely with FICO, Wells Fargo created a strategy that would protect customers while still delivering a great customer experience. The financial services firm layered in a new machine learning model from FICO leading to a significant reduction in false positives. The FICO solution is part of Wells Fargo’s multi-pronged strategy that provides many layers of defense to fight against continuously evolving fraud techniques.

“As a company, we’re focused on highly effective fraud prevention measures that adapt to constantly changing threats with minimal disruption to the customer experience,” said Matt Powell, head of Fraud and Claims Management for Consumer and Small Business Banking Operations at Wells Fargo. “Our customers expect and deserve banking services with strong protections from fraudsters that at the same time are easy, convenient, and accessible. We are pleased our team is receiving this recognition for our work to protect our customers and provide the level of service our customers are seeking every day.”

“Wells Fargo is a true innovator, leading the industry in their use of analytic technology to fight fraud. I am thrilled to name them as the recipient of our FICO Choice 2022 Industry Vanguard Award,” said Nikhil Behl, chief marketing officer at FICO. “Wells Fargo sat alongside our analytics team at FICO so we could design machine learning models that exactly met their requirements. The flexibility inherent in our approach to AI meant that we could produce Machine Learning models to arrive at an optimum solution, and our technology ensures that as changes happen, the models can continue to adapt to fight fraud however it manifests in the future. We are proud to work with a financial services firm that is focused on protecting millions of customers every day. It  continues to deliver an unwavering amount of protection and service to their customers, and has set a new standard for peers in the industry.”

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