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Cardinal Financial achieved a milestone by issuing the first-ever mortgage-backed security (MBS) with loans decisioned using FICO Score 10 T. This pool, traded on November 25, includes VA loans assessed with FICO's newest credit score model, which incorporates trended data for better predictive power. The adoption of FICO Score 10 T enabled more favorable loan terms for military and active-duty borrowers without increasing credit risk. FICO collaborated with the U.S. Veterans Administration to confirm the score's acceptance ahead of the Federal Housing Finance Agency's transition requirements. Over 21 mortgage lenders have adopted FICO Score 10 T for non-GSE loans, enhancing credit risk transparency and expanding homeownership opportunities.

FICO has announced that Nate Silver will deliver a keynote address at FICO® World 2025, taking place in Hollywood, FL, from May 6-9, 2025. The conference, focusing on applied intelligence breakthroughs, will also feature New York Times bestselling author Jordan Ellenberg. Silver will discuss risk management and navigating uncertainty, drawing from his latest book. The event expects to attract more than 1,500 business leaders from over 60 countries, showcasing speakers from more than 50 companies who will share strategies for using AI and applied intelligence in customer management, fraud prevention, and digital transformation.

FICO reports that the average Canadian FICO® Score has decreased from 762 to 760 in April 2023. This decline reflects increasing financial strain among consumers, with notable increases in missed payments and debt levels. Key findings show a 9.6% year-over-year increase in 90+ days past due credit obligations, while industry-specific delinquencies rose 12.5% for auto loans and 14.2% for real estate loans. Credit card debt is approaching pre-pandemic levels, with average balances up 4.9% year-over-year. New credit activity has returned to pre-pandemic levels at 33.5%, suggesting consumers may be seeking additional credit to manage rising debt and interest rates.

FICO (NYSE: FICO) will host a Score A Better Future™ financial literacy event at Clark Atlanta University on November 22, 2024. The event features tennis star Chris Eubanks and Congresswoman Nikema Williams in a fireside chat, targeting students from Atlanta area HBCUs including CAU, Morris Brown College, Morehouse College, and Spelman College.

The initiative addresses concerning statistics: 90% of Gen Z adults believe their finances would improve with better financial education, while fewer than half check their credit scores. Students will receive free access to credit tools and financial education resources. The workshop aims to bridge the knowledge gap in credit, budgeting, and financial planning, offering students essential tools for their financial journey.

FICO and Jersey Telecom's Customer Communications Service Scam Signal solution has won the Best Anti-Fraud Solution award at the Credit & Collections Technology Awards. This innovative solution uses telephony signals to detect potential scams in real-time, particularly targeting authorized push payment (APP) fraud. The technology integrates telephony data with fraud decision-making and prevention systems, enabling immediate customer intervention.

Banks using the solution have reported significant results: 41% reduction in scam victims, 44% decrease in fraud losses, and 55% lower false positives. The system works across 2G, 3G, 4G, 5G Volte and Wi-Fi calling, with plans to extend to UK landlines. With APP fraud causing £460 million in UK losses in 2023, this solution addresses a critical need in fraud prevention.

FICO's new survey reveals German consumers' growing demand for enhanced banking security amid rising real-time payments (RTP) and fraud concerns. While 83% of Germans use RTP, only 17% plan to increase usage in the next year, showing an 8% decrease from previous year. 63% of respondents reported receiving potential scam communications, up 12% from 2023.

Key findings show that 43% of consumers want improved fraud detection systems, and 65% believe banks should compensate fraud victims. Customer satisfaction is crucial, with 75% currently satisfied with their bank's fraud handling. However, 11% would switch banks over inadequate fraud response. For fraud alerts, 37% prefer banking app notifications, followed by phone calls (23%) and text messages (18%).

FICO's latest survey reveals that 80% of Spanish consumers have received potential scam attempts, up 4% from last year. The study shows an increase in real-time payment (RTP) scams, with 7% of victims losing over €5,000 in 2024, compared to 4% in 2023. Despite this, Spanish consumers show better response to bank warnings, with only 7% proceeding with payments after being warned (versus 14% global average).

The survey indicates that 93% of Spanish consumers use RTP, with 40% considering it more secure than credit cards. While 44% of consumers accept responsibility for falling victim to scams, they believe banks share some responsibility. Notably, 73% think banks should refund scam victims always or most of the time. Customer satisfaction with bank scam resolution remains high at 74%, though 16% would switch banks if unhappy with scam incident management.

SWBC has announced an enhanced partnership with FICO to launch Preferred Collect™, a comprehensive managed collections service integrated with FICO's omnichannel communication capabilities. The white-labeled solution enables borrowers to resolve past-due loan payments through multiple digital channels, including text messaging, email, IVR technology, self-service web portal, and live agents. The service offers three distinct options and features advanced data analytics through SWBC's Reporting Portal. This collaboration aims to streamline debt repayment processes, minimize risks, and optimize collection strategies while improving borrower satisfaction.

FICO's new survey of 12,000 consumers across 14 countries reveals concerning trends in UK payment scams. 26% of UK consumers have reported actual or suspected scam losses to their banks, while 41% say their friends or family members have been scammed. The study shows that real-time payments (RTP) are widely used, with 79% of UK consumers sending and 73% receiving them.

Key findings show that 54% of consumers believe they should be responsible for falling for scams, while 73% think banks should refund victims always or most of the time. 58% of consumers prioritize better fraud detection systems as the most impactful action banks can take. The survey highlights the need for banks to balance customer satisfaction with fraud mitigation as RTP usage continues to grow.