FICO to Protect Axis Bank Customers Against Transactional Fraud
FICO announced that Axis Bank, India’s third largest private sector bank, has chosen FICO® Falcon® Fraud Manager to enable detection and prevention of fraud in its growing consumer banking portfolio
Singapore — November 5, 2013 — FICO (NYSE:FICO), a leading predictive analytics and decision management software company, today announced that Axis Bank, India’s third largest private sector bank, has chosen FICO® Falcon® Fraud Manager to enable detection and prevention of fraud in its growing consumer banking portfolio, including credit and debit cards, ATM transactions and the merchant acquiring business.
Axis is the largest Indian national bank to adopt the FICO solution, and will be using the latest version, FICO Falcon 6, to protect its credit and debit card accounts. The solution enables the bank to detect potential fraud at the transaction level in real time and take appropriate action to prevent it.
FICO® Falcon® Fraud Manager is regarded as the most accurate and comprehensive solution for detecting payment card fraud. Used by more than 9,000 financial services organizations worldwide, FICO Falcon Fraud Manager protects more than 2.5 billion card accounts, including more than 50 million in the Asia Pacific region. Over the past 20 years, FICO Falcon Fraud Manager has saved US card issuers more than $10 billion and APAC issuers more than $1.7 billion.
“We have proactively opted for FICO Falcon Fraud Manager to further secure our customer’s transactions, unimpeded by any online threats,” said Jairam Sridharan, head of Consumer Lending and Payments, Axis Bank.
Dan McConaghy, president for FICO in Asia Pacific, said, “Fraud management is an essential component of the analytic arsenal that defines a best-practice lending operation. By introducing FICO Falcon Fraud Manager, Axis Bank, as one of the largest and fastest-growing banks in India, is helping spur the entire industry to greater consumer protection and growth.”
More information on FICO’s enterprise fraud approach is at www.fico.com/enterprisefraud.
About Axis Bank
Axis Bank is the third largest private sector bank in India. Axis Bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture and Retail Businesses.
With its 2,021 domestic branches (including extension counters) and 11,488 ATMs across the country, as on 30th June 2013, the network of Axis Bank spreads across 1,300 cities and towns, enabling the Bank to reach out to a large cross-section of customers with an array of products and services. The Bank also has overseas offices in UK, Singapore, Hong Kong, Shanghai, Colombo, Dubai and Abu Dhabi.
The bank’s website http://www.axisbank.com offers comprehensive details about its products and services.
About FICO
FICO (NYSE: FICO) is a leading analytics software company, helping businesses in 80+ countries make better decisions that drive higher levels of growth, profitability and customer satisfaction. The company’s groundbreaking use of Big Data and mathematical algorithms to predict consumer behavior has transformed entire industries. FICO provides analytics software and tools used across multiple industries to manage risk, fight fraud, build more profitable customer relationships, optimize operations and meet strict government regulations. Many of our products reach industry-wide adoption — such as the FICO® Score, the standard measure of consumer credit risk in the United States. FICO solutions leverage open-source standards and cloud computing to maximize flexibility, speed deployment and reduce costs. The company also helps millions of people manage their personal credit health.
FICO: Make every decision count™.
For FICO news and media resources, visit www.fico.com/en/newsroom. FICO, Falcon and “Make every decision count” are trademarks or registered trademarks of Fair Isaac Corporation in the US and other countries.