FICO, the leading provider of analytics and decision management technology, has announced that because of a recent contract deal it will soon protect nearly one in three of the estimated 30 million credit cards in Germany. In autumn of 2011 FICO Falcon Fraud Manager will safeguard 8.8 million German cards and by spring of 2012 it will expand its services to protect 9.7 million cards.
Phillip Sertel, FICO’s senior director for DACH and Central and Eastern Europe, said, “Within the last two years, the number of credit cards in Germany has significantly increased, and the growing adoption of credit cards as a preferred payment vehicle has attracted fraudsters. Banks are now facing the challenge of cutting down fraud without jeopardizing the trust in card payment. FICO Falcon Fraud Manager is tailored exactly to meet these demands. The solution enables card issuers to identify previously undetected fraud patterns and at the same time keep an eye on the customer relationship.”
“Card portfolios require predictive analytics to ensure that the foundation of each transaction is irrefutable,” said Brian Riley, senior research director for bank cards at the industry analyst firm TowerGroup. “The availability of globally recognized fraud management products in the German market provides regional issuers with proven tools for mitigating fraud risk.”
FICO is the most popular solution for detecting credit card fraud in the world. It protects about 65% of credit cards worldwide and is used by 17 of the top 20 credit card issues. FICO Falcon Fraud Manager 6 has been proven to reduce losses related to fraud by as much as 50% and should make quite a difference in Germany.
As always, stay tuned to Credit Cards Professor for more credit card news and updates.
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