Analytics software group FICO, formerly known as Fair Isaac, said that First National Bank, one of South Africa’s ‘big four’ banks, has adopted the group’s Fraud Resolution Manager to communicate with customers when a potentially fraudulent transaction takes place.
Using the FICO application, FNB can automatically contact a customer through voice calls and interactive short message service (SMS) when a transaction is flagged as suspicious, usually reaching the customer while they’re still at the point of sale. FNB reports that this has reduced the number of fraudulent transactions per case by 30%, for a total savings so far of more than 150 million rand (ZAR) (about US$$14.3m).
Card fraud in South Africa grew 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). Sabric put 2013 card fraud losses at ZAR366.8m.
FNB is using FICO’s anti-fraud technology in its core banking solutions area to protect cheque card and debit card accounts. It will soon be deployed to cover the bank’s entire 10m South African cards, and FNB has deployed specific strategies for overseas and out-of-hours transactions. FNB will soon roll out the solution to other Southern African countries.
Today CGI and GTNews have announced the launch of the fifth annual Transaction Banking survey report, which offers which offers critical insight into the corporate-to-bank relationship.
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Chicago based Treasury Management System (TMS) vendor GTreasury and Sydney based risk and treasury management vendor Visual Risk have joined forces in a strategic alliance to ... read more