Tsys (TSS), a leading global payments solution provider, and Fico, a leading predictive analytics and decision management software company, announced today that they will protect more than 1.8 million cardholders in Brazil using Fico Falcon Fraud Manager.
TSYS will deploy FICO Falcon Fraud Manager version 6.3 to deliver safer payment transactions, swiftly resolve suspicious activity and comply with new payment standards.
Fraud in credit card is a growing problem in Brazil. There is one fraud attempt every 15 seconds, and credit card fraud losses totaled US$500 million in 2012. In addition, card fraud attempts rose 2.4 percent in the first five months of 2013 over the same period in 2012.
"As the company charged with managing several of Brazil's most popular cards, we give customer protection the highest priority," said AJ Bueno, head of sales for TSYS Brazil. "FICO's advanced fraud prevention technologies and unmatched business expertise will help us guarantee a positive experience for our clients' cardholders."
FICO Falcon Fraud Manager is the industry's most accurate and comprehensive solution for detecting payment fraud, reducing losses by up to 50 percent. Protecting more than 2.5 billion payment accounts worldwide, Falcon Fraud Manager detects fraud while minimizing both operational costs and adverse customer impacts.
"Our service to TSYS is built on a very strong alliance created with the satisfaction of our clients' customers in mind," said Robert Duque-Ribeiro, vice president and general manager of Latin America and the Caribbean for FICO. "TSYS and FICO have offered Falcon as a hosted service in other countries since 1998 and are pleased to make this available now for TSYS clients in Brazil. Together, we will protect TSYS customers and help lenders, retailers and other card issuers in Brazil detect more fraud and substantially reduce losses in a fast-paced market."