Vodafone to leverage FICO’s expertise in tackling digital fraud risk

By Joy Dumasia

FICO has been engaged by Vodafone, a telecommunications company in Europe and Africa, to review new fraud risks and mitigations arising from the accelerated adoption of digital channels due to the pandemic. The FICO Advisors consultancy team will assess Vodafone’s operations across 19 countries and advise tackling new fraud risks at a country level.

The FICO Advisors team will analyse current fraud controls in customer identification and authentication, tools and technology, digital strategies, digital processes and fraud loss recording and reporting.

FICO powers decisions that help people and businesses around the world; founded in 1956 and based in Silicon Valley, the company is a pioneer in using predictive analytics and data science to improve operational decisions.

Steve Hadaway, Vice President and Managing Director of FICO in EMEA, said: “In the telecom industry, the use of digital channels is growing and replacing traditional sales and service channels. With COVID-19, data usage and online transaction volumes have soared, and this is also driving more fraud to migrate to digital channels. We are using our extensive expertise to assist telecommunications organisations around the world.”

Andy Mayo, senior group fraud manager at Vodafone, said: “The massive growth in digital engagement has changed business around the world. With this study, we plan to probe deeper and learn how we can offer even better protection to our customers. We chose the FICO team because of their expertise and experience in telecommunications, specifically in fraud and digital practices.”

Recently, IBS Intelligence reported that Ultimo SA, the debt management company in Poland and a part of B2 Holdings, will use FICO collections treatment optimisation to take the ideal treatment path for each borrower. Using advanced mathematical optimisation from FICO, Ultimo will identify the best, most sustainable collections strategy for each borrower from among dozens or even hundreds of potential options.