FICO, an analytics software provider, has announced First National Bank (FNB) is the first South African bank to install their Fraud Resolution Manager software.
FNB, South Africa’s oldest bank and third largest by total assets, will use the Fraud Resolution Manager to communicate with customers when a potentially fraudulent transaction takes place.
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Through FICO’s application, FNB can automatically contact a customer through voice calls and SMS messaging when a transaction is flagged as suspicious.
FNB will be able to reach the customer while they are potentially still at the point of sale.
The bank has reported that the software has reduced the number of fraudulent transactions per case by 30%, for a total saving of over R150m ($14.3m).
FNB is currently using the Fraud Resolution Manager in its core banking domain to protect cheque card and debit card accounts.
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By GlobalDataFNB is soon to roll out the software to cover the bank’s approximated 10m cards in circulation in South Africa.
The bank also aims to roll out the solution to other Southern African countries in the future.
Hayley Kershaw, who oversees FICO’s European, Middle East and Africa operations, said: "FNB is an innovator in the South African market, and deeply committed to its customers.
"Few banks globally have taken fraud protection technology to the ‘last mile’ – immediate contact with the customer – but this will soon become a best practice," she added.
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