Using the FICO application, FNB can automatically contact a customer through voice calls and interactive SMS when a transaction is flagged as suspicious, usually reaching the customer while they are still at the point-of-sale.
FNB is currently using the FICO Fraud Resolution Manager in its Core Banking Solutions area to protect cheque card and debit card accounts. It will soon be deployed to cover the banks entire 10 million South African cards. FNB will soon roll out the solution to other Southern African countries.
Card fraud in South Africa jumped 22% in the first nine months of 2013, compared to the same period in 2012, according to the South African Banking Risk Information Centre (Sabric).
FICO is an analytics software company, providing analytics software and tools used across multiple industries to manage risk, fight fraud, build profitable customer relationships, optimize operations and meet strict government regulations.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now