Nordea, the largest financial services group in the Nordic and Baltic region, has purchased FICO’s Falcon platform to protect its 11m customers in Sweden, Norway, Denmark and Finland from credit, debit and current account fraud.
Nordea will also use patented adaptive analytics technology developed by FICO – part of the Fair Isaac Corporation in the US – to review each suspected fraud incident and refine fraud detection.
The group will use the platform for both its retail banking and corporate banking portfolios, before rolling it out to all Nordic countries. Nordea previously used separate fraud solutions in different countries and channels.
“FICO already partners with Nordea in multiple parts of their business, including customer account management and scorecard development, and our work with them on customer fraud protection is a natural extension of that partnership,” said Steve O’Malley, who directs FICO’s operations in the Nordics, the UK and Ireland.
“Enterprise-wide fraud management is a goal for many banks worldwide, since criminals are keen to exploit gaps between fraud systems. Nordea’s leadership will show how a centralised approach can reduce fraud losses while improving the customer experience.”
The Falcon platform protects more than 2.6bn payment cards worldwide, using predictive analytics to deliver real-time, end-to-end fraud, security and compliance management. It is used by organisations to cost-effectively reduce fraud losses, protect brand reputation, gain efficiencies and improve customer service.
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