FICO and EnterCard, a Nordic credit card company set up as a joint venture between Barclays and Swedbank, have joined forces to improve EnterCard’s fraud management.
FICO Falcon Fraud Manager will enable EnterCard to communicate with customers through their mobile phones, thereby improving the customer experience while lowering the cost of customer communications.
As a result, the firm expects that the new system will decrease fraud losses and risk exposures by around 40%.
The advanced analytics capabilities of the fraud manager system were a deciding factor in the partnership, says chief executive officer for EnterCard Group, Freddy Syversen:
"Falcon will help ‘make our customers’ everyday lives easier’ by improving security and protecting them against fraud".
Since FICO Falcon Fraud Manager went live, it has already detected suspicious activity on at least one customer’s card. In this case, the EnterCard fraud agent contacted the customer, who was on vacation in Mexico and didn’t yet realize his card had been stolen — along with his wallet. EnterCard had already blocked the card, rejecting a withdrawal of around US$7,000.