Indonesia's Permata implements Fico Falcon to control card fraud
24 February 2011 | 4109 views | 0
FICO (NYSE:FICO), the leading provider of analytics and decision management technology, announced that Permata Bank, a leading Indonesia financial services organization with 1.9 million retail banking clients across 55 cities, is adopting FICOTM Falcon® Fraud Manager to control fraud in its debit and credit card portfolios.
Permata Bank's implementation of FICO™ Falcon® Fraud Manager - the first bank to do so in Indonesia -- will help the bank combat the USD 33 million annual industry loss faced by Indonesian banks.
FICO™ Falcon® Fraud Manager will support Permata Bank's goals to improve fraud prevention, detection, investigation, recovery and remediation. Permata Bank will use Falcon's real-time fraud capabilities to score debit and credit card transactions as they occur. Based on these scores, Permata Bank will be able to stop the highest-risk transactions if needed, without slowing down transaction speeds for legitimate transactions. This approach has been demonstrated to be a powerful deterrent to fraudsters, who can literally be stopped at the point of sale.
FICOTM Falcon® Fraud Manager uses neural network models that analyze transaction behavior and spending pattern to produce a fraud risk score. This synthesized intelligence system is based on billions of payment card transactions, allowing Falcon to detect fraud characteristics specific to the portfolio of Permata Bank.
Leila Djafaar, Head Corporate Affairs PermataBank said, "Our goal is to ensure our customers are protected from the emerging threat of card fraud with best-in-class solutions. We chose FICO Falcon Fraud Manager because it is the most accurate and comprehensive solution for detecting payment card fraud. We will continue to live up to our commitment to offer innovative solutions that best meet the needs of Permata Bank's customers."
"With almost 50 million credit and debit cards in Indonesia, it is now more important than ever for effective fraud management to protect card issuers and consumers," said Dattu Kompella, managing director and head of FICO for Australia, ASEAN and India. "Permata Bank is using market-tested fraud protection technology, which we expect will have an impact on fraud levels in Indonesia. Fraudsters are opportunistic, so we expect some migration of fraud activities as the criminals shift their activities to other banks and other regions."
FICO and its Indonesian partner Astra Graphia Information Technology (AGIT)—a leading provider of information and communication technology for businesses in Indonesia—will work with Bank Permata to implement the technology in 2011.
"In our efforts to consistently deliver value to our customers with innovative products and excellent service, FICO has proven a terrific partner," said Felix Dani, chief of partner relationship management, AGIT. "FICO Falcon Fraud Manager was chosen for its proven reliability and the real time analytics capabilities."