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Nordea launches enterprise fraud management programme with Fico

29 February 2016  |  2523 views  |  0 Source: Nordea

Nordea, the largest financial services group in the Nordic and Baltic region, has purchased the FICO Falcon Platform to protect its 11 million customers from credit, debit and current account fraud.

Nordea will also use FICO's patented adaptive analytics technology in order to learn from each suspected fraud incident and refine fraud detection.

Nordea will use the FICO Falcon Platform for both its retail banking and corporate banking portfolios. The solution will eventually be rolled out to all Nordic countries. Nordea previously used separate fraud solutions in different countries and channels.

"FICO already partners with Nordea in multiple parts of their business, including customer account management and scorecard development, and our work with them on customer fraud protection is a natural extension of that partnership," said Steve O'Malley, who directs FICO's operations in the Nordics, the UK and Ireland. "Enterprise-wide fraud management is a goal for many banks worldwide, since criminals are keen to exploit gaps between fraud systems. Nordea's leadership will show how a centralized approach can reduce fraud losses while improving the customer experience."

The Falcon Platform is the world's leading fraud management solution, protecting more than 2.6 billion payment cards. It leverages FICO's proven leadership in predictive analytics to deliver real-time, end-to-end fraud, security and compliance management. With the platform, organizations can cost-effectively reduce fraud losses, protect brand reputation, gain efficiencies and improve the customer experience across multiple products, channels and lifecycle stages.

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