South Africa’s Absa Bank will adopt analytics
technology provider FICO’s Falcon Fraud Manager 6 solution in a bid
to control fraud in its debit and credit card portfolios.
Due for implementation during 2011, the Falcon
Fraud Manager solution is set to support Absa Bank in its goals to
improve fraud prevention, detection, investigation, recovery and
remediation. It is anticipated that based on Falcon’s real-time
risk scoring, Absa will be able to stop the highest-risk
transactions if required, without slowing down transaction speeds
for legitimate transactions.
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“Our objective is to provide unsurpassed fraud
protection to our banking customers,” said Absa Group head of fraud
risk management Paul Mathias.
“We chose Falcon Fraud Manager because it gave
us the real-time detection we need and it enables us to manage
fraud for all customers cards from a single platform.”
FICO claims the Falcon solution now protects
more than half of the credit and debit cards issued in South
Africa. Globally, 17 of the top 20 credit card issuers rely on the
system to shield transactions from fraud for more than 2.1 billion
card accounts.
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By GlobalData
