FICO (FICO), the leading provider of analytics and decision management technology, announced today that Swisscard AECS AG relies on the analytic-based fraud detection system FICO® Falcon® Fraud Manager to protect its credit card network of more than one million cards.
Swisscard is a leading credit card service provider in Switzerland, and the only one that offers banking partners the choice of VISA, MasterCard and American Express.
FICO´s powerful neural network analytics boost the precision, accuracy and speed of Swisscard's fraud detection. The system is able to identify both known fraud schemes and new schemes, detecting fraudulent transactions in real time so they can be stopped as quickly as possible.
"FICO Falcon Fraud Manager enables us to offer credit cards as a reliable means of payment and to meet the expectations of our customers and stakeholders," said Stephan Bleichenbacher, head of Risk Policies with Swisscard AECS AG. "Thanks to the precise fraud detection, we have been able to optimize fraud risk even under volatile market conditions, and to cut down the number of false positives. The result is less administration and increased customer satisfaction."
The new system does not impact cardholders´ liability. As in the past, cardholders do not have to assume liability for fraudulent transactions as long as they meet their duty of care.
"A powerful system for combating fraud is critical to maintaining a profitable card business," said Phillip Sertel, FICO senior director for DACH, Central & Eastern Europe. "It must be able to handle suspect transactions in an intelligent way and cancel them when required, without harming customers´ confidence in their card. FICO Falcon Fraud Manager has been tailored to these specific needs."
Around the world, FICO® Falcon® Fraud Manager protects more than 2.5 billion payment cards. FICO has recently published an interactive map of card fraud migration in Europe showing the evolution of fraud in 21 countries over the past five years.
At Swisscard, FICO Falcon Fraud Manager was implemented on the technology platform from TSYS, which Swisscard uses for processing card transactions.