Fair Isaac Corp. of Minneapolis has introduced a fraud-detection service that supports the U.K. payments system Faster Payments.
Faster Payments, announced in 2005 by the U.K. Office of Fair Trading, is meant to help electronic payments clear quickly, sometimes on the same day as the transaction. It is expected to take effect this year.
Faster Payments is a "new, vulnerable channel," Robert Duque-Ribeiro, Fair Isaac's managing director for Europe, the Middle East, and Africa, said in a press release last week.
Fair Isaac says the service looks at the account profiles of both the sender and the recipient to detect suspicious electronic payments before they clear.
A Fair Isaac antifraud analyst would review such payments before they are approved or declined.
