Source: Fair Isaac
Fair Isaac Corporation (NYSE:FIC), the leading provider of analytics and decision management technology, today announced that União de Bancos Brasileiros, S.A. (Unibanco) has signed a new, five-year agreement to use Fair Isaac's Falcon Fraud Manager as its exclusive fraud detection solution.
Unibanco will use the company's industry-leading fraud management technology to protect its retail credit, debit and private-label card portfolios.
Unibanco, Brazil's third-largest private bank with nearly 20 million customers, has successfully used Falcon Fraud Manager since 1998. The system currently protects more than one billion payment cards worldwide, detecting a wide range of fraud with the highest level of accuracy using sophisticated neural network models and other predictive technologies.
"The highly competitive banking environment in Brazil required Unibanco to implement enhanced fraud management capabilities that allow future agility in this rapidly growing consumer credit market," said Jorge Luiz Viegas Ramalho, TI-Operations Director at Unibanco. "Fair Isaac has been enormously skilled in meeting our specific business needs and providing us with powerful decision management solutions that reduce our overall risk exposure. Using Fair Isaac's enhanced Falcon solution will enable us to mitigate fraud risk across all of our card products and channels and react to emerging fraud trends more quickly without impacting our customer relationships."
With a population of 183.5 million, Brazil is the largest consumer credit market in Latin America. Demand for consumer credit has expanded by 115 percent during the period 2003-2006, with credit outstanding estimated to be nearly $110 million at the end of the 2006, according to Euromonitor.
"This new agreement for our Falcon solution is a strong endorsement for the tremendous success of our partnership with Unibanco," said Helcio Beninatto, managing director of Fair Isaac's Latin America operations. "Through the years, Fair Isaac solutions have delivered significant performance results for the bank. We are gratified that our expertise in analytics and financial services has helped one of Brazil's most important financial institutions become a true leader in the use of critical enterprise decision management solutions in Latin America."
Fair Isaac and Unibanco have collaborated closely for many years to help the bank effectively manage risk, control fraud and increase operational efficiencies. In addition to relying on Fair Isaac's Falcon Fraud Manager for fraud protection, Unibanco has been utilizing a customer-centric, enterprise-wide Fair Isaac solution to achieve a 60 percent reduction in loss provisioning during a period of accelerated portfolio growth. This solution integrates Fair Isaac's Capstone Decision Manager software for account origination, Customer Management TRIAD adaptive control system to manage existing customers and Fair Isaac predictive analytics.