SINGAPORE — 18 March, 2013 — FICO (NYSE:FICO), a leading predictive analytics and decision management software company, today announced that the Philippines’ largest bank, BDO Unibank (PSE: BDO), has selected FICO® Falcon® Fraud Manager to help detect and reduce debit card fraud. The decision will support the bank’s strategy to introduce internet purchases (card-not-present transactions) and protect ATM transactions for its entire customer base of more than 13 million.
The Philippines has seen a rise in payment card fraud over the last two years, coinciding with the rapid growth of card adoption and usage. As a result, banks are cautious about growing their card portfolios too quickly without effective fraud controls in place. Earlier this year, BDO implemented FICO Falcon Fraud Manager for its credit card business, and is now extending a comparable level of protection to its debit card users. The solution uses advanced neural networks to analyze cardholder account transactions in real-time to detect fraud.
“We’re aiming for significantly increased purchase usage among our debit cardholders. Our success will depend largely on our ability to assure customers that they can use their cards, both online and in stores, to make purchases in an easy, safe, and secure manner,” said Emmanuel Narciso, executive vice president for consumer lending at BDO. “With FICO Falcon Fraud Manager, we can accomplish both and give our customers what other banks can’t.”
“By building its debit card program upon the industry’s most advanced fraud detection solution, BDO is backing its commitment to protect its customers so they can safely enjoy the convenience of their debit cards, just as they do their credit cards,” said Dan McConaghy, president for FICO in Asia Pacific. “This is the key to profitable growth and among the reasons why BDO remains a leader in the Philippines.”
FICO fraud solutions help banks around the world manage their enterprise fraud challenges. FICO® Falcon® Fraud Manager, the world’s leading card fraud management solution, protects more than 2.5 billion payment cards worldwide. FICO currently works with eight of the top ten banks in the Philippines to mitigate fraud risk, manage credit risk, and grow their portfolios profitably.
BDO is a full-service universal bank that provides a complete array of industry-leading products and services to the retail and corporate markets, including lending (corporate, middle market, SME, and consumer), deposit-taking, foreign exchange, brokering, trust and investments, credit cards, corporate cash management, and remittances. Through its subsidiaries, the bank offers leasing and financing, investment banking, private banking, bancassurance, insurance brokerage, and stock brokerage services.
BDO has one of the largest distribution networks in the Philippines, with more than 800 operating branches and over 2,200 ATMs nationwide as of end 2013. For more information, please visit www.bdo.com.ph.
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. These include 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.
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