New FICO Tools Help Banks Authenticate Customers

Fair Issac Corp, the company that created the FICO credit score, has released two new authentication tools for banks:

  • FICO Identity Proofing: Customers must send the bank a photo of a government-issued identification card as well as a selfie. Using facial recognition technology, their identities are verified.
  • FICO Authentication Suite: In order to verify identities when customers are logging into banking apps or transferring money, their faces, voices, or even behaviors are authenticated. Behaviors may include typing speed, language settings, and device types.

These authentication methods, powered by EZMCOM technology, will help to authenticate both new and pre-existing customers. Eventually, they will be marketed to telecommunications companies and retailers, according to an article in the Wall Street Journal.

Related: The Best Password Managers of 2019

FICO Authentication
FICO Authentication might require a user to take a picture of their driver’s license.

How Banks Can Improve Customer Experience

Customers are frustrated with the process of applying for new bank accounts, loans and credit cards, according to a recent survey from Lightico, a platform for customer interactions. Members of Generation Z, people born after 1997, were particularly critical of banks’ customer experience. The survey found that 75% of GenZers dislike going to a branch of their bank, while 73% dislike the amount of paperwork involved. “GenZers do not care about store hours. Everything is available to them all the time”, said Lightico’s Vice President of Marketing Jake Levant in an interview with Security Baron. He continued,

“Although banks have digitized internal systems, these changes are almost unnoticeable to users. Banks should focus on digitizing and simplifying the front end of their experience and make it consumer-centric as opposed to company-centric.”

Related: Americans Trust Banks The Most With Their Data, Survey Says

FICO’s new authentication methods are a step in the right direction, but how they will be implemented depends on government regulations for financial institutions, as well as their internal compliance and legal departments, said Levant.


What does the FICO credit score stand for?

FICO stands for Fair Isaac Corporation, the company that developed the FICO credit score.

Is a FICO score the same as a credit score?

A FICO store differs from credit scores from Equifax, Experian and TransUnion, the three credit reporting agencies in the United States. The ranges are slightly different, as FICO goes from 300 to 850 and Equifax goes from 280 to 850.

What is a good FICO credit score?

A good FICO credit score is between 670 and 850.

Aliza Vigderman

Aliza Vigderman

Aliza is a journalist living in Brooklyn, New York. Throughout her career, her work has spanned many intersections within the tech industry. At SquareFoot, a New York-based real estate technology company, she wrote about the ways in which technology has changed the real estate industry, as well as the challenges that business owners face when they want to invest in property. At, an education technology website, Aliza created digital content for lifelong learners, exploring the ways in which technology has democratized education. Additionally, she has written articles for The Huffington Post as well as her own content on Medium, the online publishing platform. Aliza’s love of journalism and research stems from the excellent Journalism program at Brandeis University. At Brandeis, Aliza interned as a research assistant at the Schuster Institute for Investigative Journalism, a non-profit “news room without walls”. There, Aliza was paired with an investigative journalist and used academic databases to obtain data on everything from the suicide rates in Bhutan to local Boston court cases. Her last position was as an account executive at Yelp, educating business owners on the power of technology to increase revenue. Throughout, however, her heart remained with tech journalism, and she’s thrilled to be writing for Security Baron. When she’s not keeping afloat of the latest tech trends, Aliza likes to cook, read, and write. A former high school “Class Clown,” Aliza has completed two feature-length screenplays, a pilot, and countless comedic sketches. On her days off you can find her relaxing in Prospect Park, trying the latest flavors at Ample Hills Ice Cream, and spending time with friends and family.

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