PermataBank’s implementation of FICO™ Falcon® Fraud Manager – the first bank to do so in Indonesia -- will help the bank combat the USD 33 million annual industry loss faced by Indonesian banks.
FICO™ Falcon® Fraud Manager will support PermataBank’s goals to improve fraud prevention, detection, investigation, recovery and remediation. PermataBank will use Falcon’s real-time fraud capabilities to score debit and credit card transactions as they occur. Based on these scores, PermataBank will be able to stop the highest-risk transactions if needed, without slowing down transaction speeds for legitimate transactions. This approach has been demonstrated to be a powerful deterrent to fraudsters, who can literally be stopped at the point of sale.
FICO™ Falcon® Fraud Manager uses neural network models that analyze transaction behavior and spending pattern to produce a fraud risk score. This synthesized intelligence system is based on billions of payment card transactions, allowing Falcon to detect fraud characteristics specific to the portfolio of PermataBank.
Leila Djafaar, Head Corporate Affairs PermataBank said, “Our goal is to ensure our customers are protected from the emerging threat of card fraud with best-in-class solutions. We chose FICO Falcon Fraud Manager because it is the most accurate and comprehensive solution for detecting payment card fraud. We will continue to live up to our commitment to offer innovative solutions that best meet the needs of PermataBank’s customers.”
“With almost 50 million credit and debit cards in Indonesia, it is now more important than ever for effective fraud management to protect card issuers and consumers,” said Dattu Kompella, managing director and head of FICO for Australia, ASEAN and India. “PermataBank is using market-tested fraud protection technology, which we expect will have an impact on fraud levels in Indonesia. Fraudsters are opportunistic, so we expect some migration of fraud activities as the criminals shift their activities to other banks and other regions.”
FICO and its Indonesian partner Astra Graphia Information Technology (AGIT)—a leading provider of information and communication technology for businesses in Indonesia—will work with PermataBank to implement the technology in 2011.
“In our efforts to consistently deliver value to our customers with innovative products and excellent service, FICO has proven a terrific partner,” said Felix Dani, chief of partner relationship management, AGIT. “FICO Falcon Fraud Manager was chosen for its proven reliability and the real-time analytics capabilities.”
FICO Falcon Fraud Manager is recognized as the leading global payment card fraud detection system, 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 transactions for more than 2.1 billion active card accounts.
PT Bank Permata Tbk (PermataBank) is the result of a merger of 5 (five) banks, PT. Bank Bali Tbk, PT. Bank Universal Tbk, PT. Bank Prima Express, PT. Bank Artamedia and PT Bank Patriot in 2002, and today has grown into a major private bank that offers products and services, innovative and comprehensive delivery channels including Internet Banking and Mobile Banking. PermataBank has aspirations to become a leading financial services provider in Indonesia, with a focus on Consumer and Commercial segments. Serving approximately 1.9 million customers in 55 cities in Indonesia, the Bank has 275 branches (including 10 sharia branches) and 610 ATMs with additional access at more than 2,000 ATMs (VisaPlus, Visa Electron, MC, Alto, ATM Bersama , ATM BCA).
The recognition of recent achievements by PermataBank are awards from Bisnis Indonesia as The Best National Bank 2010; The Most Profitable and The Most Efficient Sharia Unit 2009 from The Islamic Award Nite 2010; The Asian Banker award for The Bank with the Best Cash Management in Indonesia” in 2010; The Most Prestigious Carre in the CCSL's Annual Call Center Award 2010 five times in a row; the Annual Report Award 2008 for the private banks category and the overall winner for all categories; the best e-Company Award 2008 for all categories; the Corporate Governance Award for Best Equitable Treatment of Shareholders from The Business Review, the Association of Indonesian Listed Companies and the IICD; second place for Best CEO in Asia Best Managed Companies and eight great The Best Corporate Governance in Asia Best Managed Companies from Finance Asia Magazine; Islamic Finance Awards & CUP 2009 (IFAC 2009); ranked first for the category of companies with assets UUS> Rp1 trillion and ranked first among most profitable companies with assets > Rp1 trillion by Karim Business Consulting; Banking Service Excellence Awards 2009 (10 conventional and sharia 7) from Marketing Research Indonesia (MRI); a MURI Award for encouraging students in 12 cities to save in unison; the Prestigious Service Quality Award in 2009 from Diamond Carre - Center for Service Satisfaction & Loyalty (CCSL); honors from Marketing Magazine; and, Banking Business Efficiency Award 2009 from Indonesia. Corporate website can be accessed at http://www.permatabank.com.
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