TD Wins 2024 FICO Decisions Award for its Achievements in Fraud Management
April 18 2024 - 8:00AM
Business Wire
FICO World – FICO (NYSE: FICO)
Highlights:
- TD and FICO are working together to enhance the Bank's
data-driven fraud detection and prevention capabilities.
- FICO® Platform and the TD North American Fraud Detection
Platform also support real-time fraud health monitoring that is
helping the Bank keep a constant pulse on fraud trends and new
threats.
At its annual FICO® World conference today, global analytics
software leader FICO announced TD, a leading North American bank
with over 27.5 million customers has won a 2024 FICO® Decisions
Award for Fraud Management. TD collaborated with FICO to
support the development of the TD North American Fraud Detection
Platform that integrates real-time customer and financial payments
data to power advanced fraud-detection capabilities.
TD worked closely with FICO to help enhance the Bank’s
data-driven fraud detection and prevention measures. Within 12
months, TD successfully established a new enterprise capability by
leveraging the real-time, data-driven analysis, modeling and
advanced analytics, and AI-powered capabilities of FICO®
Platform.
Anchored within the Bank's Fraud Performance and Operations
teams, the implementation of FICO Platform and the TD North
American Fraud Detection Platform involved more than a dozen
business units across the Bank, working together – all of which are
focused on supporting TD customers at a time when the pace of
change is moving faster than ever, and the tactics used by
fraudsters continue to evolve.
“I am thrilled by the work that our dedicated teams have done
together to advance our data-driven fraud detection capabilities.
Utilizing our combined technical skills and platform insights, our
teams are focused on helping to protect and empower our customers,”
said Sophia Leung, senior vice president, Protect Platform,
TD.
FICO® Platform and the TD North American Fraud Detection
Platform will also support real-time fraud health monitoring that
is helping the Bank keep a constant pulse on fraud trends and new
threats that impact the Bank now or in the future.
A recent study from FICO highlighted that 69% of North American
consumers rank good fraud protection as one of their top three
considerations when choosing a financial services provider. By
leveraging FICO Platform, TD Fraud Performance teams can make rule
adjustments and contextualized assessments in real-time to combat
fraud threats, and the TD Fraud Operations teams can respond and
action alerts efficiently with relevant data at their
fingertips.
“Answering the need for greater agility, building greater
intelligence in fraud monitoring and improving customer
experiences, TD set out to evolve their fraud monitoring and
detection capabilities,” said Nikhil Behl, chief marketing
officer and executive vice president at FICO. “FICO Platform’s
unique analysis and data orchestration capabilities have empowered
TD to uplift their fraud detection, prevention and management
capabilities."
“One of the biggest impacts that TD experienced in its use of
FICO Platform was its ability to understand the specific data and
insights that create meaningful and important impacts throughout
its analysis,” added Eric Kavanagh, CEO Bloor Group, host of
InsideAnalysis and one of the FICO Decisions Award judges.
“With these insights, TD has been able to select the best data to
inform their assessments without incorporating unnecessary data
‘noise’ into the workflow, allowing for faster deployment of
fraud-prevention solutions.”
For more information:
https://www.fico.com/en/customer-lifecycle/protect-and-comply
About TD Bank Group
The Toronto-Dominion Bank and its subsidiaries are collectively
known as TD Bank Group ("TD" or the "Bank"). TD is the sixth
largest bank in North America by assets and serves over 27.5
million customers in four key businesses operating in a number of
locations in financial centres around the globe: Canadian Personal
and Commercial Banking, including TD Canada Trust and TD Auto
Finance Canada; U.S. Retail, including TD Bank, America's Most
Convenient Bank®, TD Auto Finance U.S., TD Wealth (U.S.), and an
investment in The Charles Schwab Corporation; Wealth Management and
Insurance, including TD Wealth (Canada), TD Direct Investing, and
TD Insurance; and Wholesale Banking, including TD Securities and TD
Cowen. TD also ranks among the world's leading online financial
services firms, with more than 17 million active online and mobile
customers. TD had $1.91 trillion in assets on January 31, 2024. The
Toronto-Dominion Bank trades under the symbol "TD" on the Toronto
and New York Stock Exchanges.
About the FICO® Decisions Awards
The FICO Decisions Awards recognize organizations that are
achieving remarkable success using FICO solutions. A panel of
independent judges with deep industry expertise evaluates
nominations based upon measurable improvement in key metrics;
demonstrated use of best practices; project scale, depth and
breadth; and innovative uses of technology. The 2024 judges
are:
- Andrew Birmingham, editor, Mi3
- Eric Kavanagh, CEO Bloor Group and host,
InsideAnalysis
- Elizabeth Lumley, deputy editor, The Banker
- Paul Mah, senior editor, CDO Trends
- Laura Martins, editor, IT Forum
- Paul Robinson, VP credit management at Canadian Tire
Bank (previous winner)
- Shiv Sehgal, EVP audience analytics at RSG Media
(previous winner)
- Nick Vitchev, director at Chartis
The winners of the FICO Decisions Awards are spotlighted at
FICO® World 2024, April 15 – April 18, 2024 in San Diego,
California
About FICO
FICO (NYSE: FICO) powers decisions that help people and
businesses around the world prosper. Founded in 1956, the company
is a pioneer in the use of predictive analytics and data science to
improve operational decisions. FICO holds more than 200 US and
foreign patents on technologies that increase profitability,
customer satisfaction and growth for businesses in financial
services, insurance, telecommunications, health care, retail and
many other industries. Using FICO solutions, businesses in more
than 100 countries do everything from protecting 4 billion payment
cards from fraud, to improving financial inclusion, to increasing
supply chain resiliency. The FICO® Score, used by 90% of top US
lenders, is the standard measure of consumer credit risk in the US
and has been made available in over 40 other countries, improving
risk management, credit access and transparency. Learn more at
www.fico.com.
FICO is a registered trademark of Fair Isaac Corporation in the
US and other countries.
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version on businesswire.com: https://www.businesswire.com/news/home/20240418781049/en/
Julie Huang FICO press@FICO.com
Laura Butcher TD laura.butcher@td.com
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