FICO is getting tough on credit card fraud in
Germany with its FICO Falcon Fraud Manager solution.
The data analytics and decision management
technology provider said that from autumn on, its fraud protection
solution will protect 8.8 million, or 29%, of the total credit
cards in circulation in Germany. This figure will be extended to a
further 900,000 by next sping.
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FICO is also applying its Falcon Fraud Manager
to Germany’s neighbouring markets Austria and Switzerland, where it
aims to crack down on credit card fraud by protecting 1.2m and 2m
credit cards respectively.
FICO’s senior director for DACH and Central and Eastern Europe,
Phillip Sertel, said:
“Within the last two years, the number of credit cards in
Germany has significantly increased, and the growing adoption of
credit cards as a preferred payment vehicle has attracted
fraudsters.
“Banks are now facing the challenge of cutting down fraud
without jeopardising the trust in card payment. The [FICO Falcon
Fraud Manager] enables card issuers to identify previously
undetected fraud patterns and at the same time keep an eye on the
customer relationship.”
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By GlobalDataAccording to FICO’s own estimates, the Falcon Fraud Manager
solution reduces fraud losses “by up to 50%”.
FICO’s fraud protection covers 65% of global credit cards.
