Turkish Bank Garanti Wins Award for Fraud Control

Analytics and decision management software provider FICO has awarded its 2014 decision management award in the fraud control category to Garanti Bank, the second-largest bank in Turkey.

Garanti uses the FICO Falcon Fraud Platform to deploy enterprise fraud management across credit cards, debit cards and current/demand deposit accounts (DDA). The bank also uses FICO application fraud models to detect potential fraud in credit card and consumer loan applications.

Among the results has been an 80% increase in detected credit and debit fraud cases, enabling Garanti to keep fraud losses low even while the number of fraud attacks doubled.

In 2013 Garanti expanded its use of the platform to cover all transaction channels for its current accounts and DDAs, in addition to debit and credit cards. The bank’s enterprise fraud management approach now covers its distribution network of 936 domestic branches in Turkey, as well as its six foreign branches in Cyprus, Luxembourg and Malta, and three international representative offices in London, Düsseldorf and Shanghai.

“Garanti Bank is the first bank in Turkey to integrate different fraud controls in the same department, using a customer-centric approach,” said Behyan Kohay, the bank’s senior vice president (SVP) for anti-fraud.

“Banks around the world are trying to take a more customer-centric view in fraud management. Our approach enables us to carefully manage the impact of fraud management controls on customers, so that we can not only protect them but also keep them engaged, thereby making them more profitable for us.”

FICO comments that application fraud detection is challenging in Turkey, where banks demand relatively little documentation in order to simplify the lending process for customers. At the same time, new regulations and rising criminal activity make fraud prevention more important.


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