MUNICH – July 14, 2011 – FICO (NYSE:FICO), the leading provider of predictive analytics and decision management technology, announced today that it will provide analytics-based fraud protection through Bayern Card-Services GmbH (BCS), a company of the s-Finanzgruppe. BCS will implement FICO™ Falcon® Fraud Manager via a technical processor to more efficiently protect Germany´s largest credit card network, with more than 5.7 million cards.
BCS is one of the leading credit card processors in Germany. Some 300 savings banks and other banks within the s-Finanzgruppe, such as Deutsche Kreditbank, rely on BCS.
FICO™ Falcon® Fraud Manager will enable BCS to more efficiently execute transaction evaluations to determine fraud risk. The integration of the FICO Falcon score into the business rules management system increases the precision and accuracy of fraud detection, and at the same time reduces the administration efforts for BCS. The principal advantages of using FICO’s advanced neural networks to detect fraud are expected to be a decline in fraud losses, an increase in customer satisfaction due to fewer “false positive” false classifications, and faster identification of new fraud schemes.
“On the basis of our experience and expertise, we were able to enormously grow our business within the last 15 years,“ said Monika Kummer, head of Risk Management with BCS. “The implementation of a leading solution for fraud detection is a decisive milestone for further expansion of our business. With FICO Falcon Fraud Manager, we are in a safe position in our fight against abuse related to Visa and MasterCard cards.”
Phillip Sertel, FICO senior director for DACH, Central & Eastern Europe, explained: “We have seen a growing demand for fraud detection in Germany, Austria and Switzerland, where credit card use is expanding. The increasing number of cards has attracted fraudsters, and with fraud jumping up the demand for powerful fraud detection has increased dramatically.”
FICO™ Falcon® Fraud Manager is the most accurate and comprehensive solution for detecting payment card fraud, reducing losses by up to 50 percent. Around the world, 17 of the top 20 credit card issuers rely on the FICO Falcon system to protect more than two billion active payment card accounts. Approximately 65 percent of credit cards worldwide are protected by FICO Falcon.
FICO (NYSE:FICO) delivers superior predictive analytics solutions that drive smarter decisions. The company’s groundbreaking use of mathematics to predict consumer behavior has transformed entire industries and revolutionized the way risk is managed and products are marketed. FICO’s innovative solutions include the FICO® Score — the standard measure of consumer credit risk in the United States — along with industry-leading solutions for managing credit accounts, identifying and minimizing the impact of fraud, and customizing consumer offers with pinpoint accuracy. Most of the world’s top banks, as well as leading insurers, retailers, pharmaceutical companies and government agencies, rely on FICO solutions to accelerate growth, control risk, boost profits and meet regulatory and competitive demands. FICO also helps millions of individuals manage their personal credit health through www.myFICO.com.
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