Cobra Tecnologia, the IT arm of Banco do Brasil, is to utilise fraud detection technology from Fair Isaac to monitor debit card transactions across it shared electronic banking network.
Cobra Tecnologia's network currently connects more than 9000 terminals to state-owned banks, including Banco do Brasil, and the company plans to significantly expand its network to include other government-owned and private banks throughout the country.
To this end, Cobra is developing a new network based around S2's Open/2 transactions management and payment system. Known as the Cobra Switch Project, the new network will be capable of handling initially 100 million transactions per month and will be the first in Brazil to be present in more than 3500 cities.
Under this latest agreement, Cobra will overlay Fair Isaac's Falcon Fraud Manager across the network to sniff out suspicious transaction activity.
Graciano Santos Neto, CEO at Cobra Tecnologia, says: "Cobra offers one of the largest networks in the world for bank transactions, and we believe that the addition of Fair Isaac's unsurpassed fraud detection capabilities will deliver an enhanced level of service and security that will protect our network and attract other financial institutions."
Falcon applies neural network models and profiling technology to identify out-of-pattern cardholder spending behavior and detect fraudulent activity.