|By PR Newswire||
|April 16, 2014 02:30 AM EDT||
LONDON, April 16, 2014 /PRNewswire/ -- FICO (NYSE:FICO), a leading predictive analytics and decision management software company, today announced that First National Bank (FNB), one of South Africa's "big four" banks and named 2012's most innovative bank in the world, is the first bank in the country to use FICO® 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 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 percent, for a total savings so far of more than R150 million (approximately USD$14.3 million).
Card fraud in South Africa grew 22 percent 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 R366.8 million.
FNB had a need to quickly detect suspicious activity. However, it was often difficult to validate these transactions fast enough to block fraudulent activity. At the same time, the bank had to avoid blocking genuine transactions. With the FICO solution, FNB is able to validate genuine transactions, focus on the real fraud and improve customer service.
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 bank's entire ~10 million 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.
"FNB is an innovator in the South African market, and deeply committed to its customers," said Hayley Kershaw, who oversees FICO's operations in Europe, the Middle East and Africa. "Few banks globally have taken fraud protection technology to the 'last mile' — immediate contact with the customer — but this will soon become a best practice."
FICO® Fraud Resolution Manager gives organizations the ability to process high volumes of cases simultaneously, performing investigations, shaping customer action and contact strategies, and reaching resolution in seconds. It is the only application that provides a seamless connection between fraud risk analysis and contact strategy development, deciding the necessity, timing, channel and nature of action required to find more fraud, reduce losses and foster customer loyalty. FICO Fraud Resolution Manager is part of FICO's solution suite for enterprise fraud management, and can be easily integrated with FICO® Falcon® Fraud Manager, the world's leading payment fraud protection solution, which protects 2.5 billion payment cards worldwide.
Founded in 1838, First National Bank is South Africa's oldest bank. It is ranked the country's second largest in terms of transactional lending, and third largest in terms of total assets. FNB was named the World's Most Innovative Bank for 2012 by BAI-Finacle, and it offered South Africa's first mobile banking app. FNB is a division of FirstRand Bank Limited.
FICO (NYSE: FICO), formerly known as Fair Isaac, is a leading analytics software company, helping businesses in 90+ countries make better decisions that drive higher levels of growth, profitability and customer satisfaction. The company's groundbreaking use of Big Data and mathematical algorithms to predict consumer behavior has transformed entire industries. FICO provides analytics software and tools used across multiple industries to manage risk, fight fraud, build more profitable customer relationships, optimize operations and meet strict government regulations. Many of our products reach industry-wide adoption. These include the FICO® Score, the standard measure of consumer credit risk in the United States. FICO solutions leverage open-source standards and cloud computing to maximize flexibility, speed deployment and reduce costs. The company also helps millions of people manage their personal credit health. FICO: Make every decision count™. Learn more at www.fico.com.
For FICO news and media resources, visit www.fico.com/news.
FICO, Falcon and "Make every decision count" are trademarks or registered trademarks of Fair Isaac Corporation in the US and other countries.
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In his Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will explore t...
Apr. 27, 2017 08:45 AM EDT Reads: 753
SYS-CON Events announced today that Hitachi, the leading provider the Internet of Things and Digital Transformation, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Hitachi Data Systems, a wholly owned subsidiary of Hitachi, Ltd., offers an integrated portfolio of services and solutions that enable digital transformation through enhanced data management, governance, mobility and analytics. We help globa...
Apr. 27, 2017 08:45 AM EDT Reads: 1,217
As pervasive as cloud technology is -- and as persuasive as the arguments are for using it -- the cloud has its limits. Some companies will always have security concerns about storing data in the cloud and certain high-transaction applications will always be better suited for on-premises storage. Those statements were among the bottom-line takeaways delivered at Cloud Expo this week, a three day, bi-annual event focused on cloud technologies, adoption and associated challenges.
Apr. 27, 2017 08:45 AM EDT Reads: 4,006
The age of Digital Disruption is evolving into the next era – Digital Cohesion, an age in which applications securely self-assemble and deliver predictive services that continuously adapt to user behavior. Information from devices, sensors and applications around us will drive services seamlessly across mobile and fixed devices/infrastructure. This evolution is happening now in software defined services and secure networking. Four key drivers – Performance, Economics, Interoperability and Trust ...
Apr. 27, 2017 08:45 AM EDT Reads: 692
SYS-CON Events announced today that Hitachi Data Systems, a wholly owned subsidiary of Hitachi LTD., will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City. Hitachi Data Systems (HDS) will be featuring the Hitachi Content Platform (HCP) portfolio. This is the industry’s only offering that allows organizations to bring together object storage, file sync and share, cloud storage gateways, and sophisticated search an...
Apr. 27, 2017 08:00 AM EDT Reads: 572
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm.
Apr. 27, 2017 08:00 AM EDT Reads: 977
While some vendors scramble to create and sell you a fancy solution for monitoring your spanking new Amazon Lambdas, hear how you can do it on the cheap using just built-in Java APIs yourself. By exploiting a little-known fact that Lambdas aren’t exactly single threaded, you can effectively identify hot spots in your serverless code. In his session at 20th Cloud Expo, David Martin, Principal Product Owner at CA Technologies, will give a live demonstration and code walkthrough, showing how to o...
Apr. 27, 2017 07:15 AM EDT Reads: 588
SYS-CON Events announced today that CollabNet, a global leader in enterprise software development, release automation and DevOps solutions, will be a Bronze Sponsor of SYS-CON's 20th International Cloud Expo®, taking place from June 6-8, 2017, at the Javits Center in New York City, NY. CollabNet offers a broad range of solutions with the mission of helping modern organizations deliver quality software at speed. The company’s latest innovation, the DevOps Lifecycle Manager (DLM), supports Value S...
Apr. 27, 2017 07:00 AM EDT Reads: 1,072
"Peak 10 is a national cloud data center solutions managed services provider, and part of that is disaster recovery. We see a growing trend in the industry where companies are coming to us looking for assistance in their DR strategy," stated Andrew Cole, Director of Solutions Engineering at Peak 10, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Apr. 27, 2017 06:30 AM EDT Reads: 11,750
@GonzalezCarmen has been ranked the Number One Influencer and @ThingsExpo has been named the Number One Brand in the “M2M 2016: Top 100 Influencers and Brands” by Analytic. Onalytica analyzed tweets over the last 6 months mentioning the keywords M2M OR “Machine to Machine.” They then identified the top 100 most influential brands and individuals leading the discussion on Twitter.
Apr. 27, 2017 05:30 AM EDT Reads: 1,213
SYS-CON Events announced today that Juniper Networks (NYSE: JNPR), an industry leader in automated, scalable and secure networks, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Juniper Networks challenges the status quo with products, solutions and services that transform the economics of networking. The company co-innovates with customers and partners to deliver automated, scalable and secure network...
Apr. 27, 2017 05:15 AM EDT Reads: 1,375
SYS-CON Events announced today that Super Micro Computer, Inc., a global leader in compute, storage and networking technologies, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Supermicro (NASDAQ: SMCI), the leading innovator in high-performance, high-efficiency server technology, is a premier provider of advanced server Building Block Solutions® for Data Center, Cloud Computing, Enterprise IT, Hadoop/...
Apr. 27, 2017 05:00 AM EDT Reads: 2,289
Amazon has gradually rolled out parts of its IoT offerings in the last year, but these are just the tip of the iceberg. In addition to optimizing their back-end AWS offerings, Amazon is laying the ground work to be a major force in IoT – especially in the connected home and office. Amazon is extending its reach by building on its dominant Cloud IoT platform, its Dash Button strategy, recently announced Replenishment Services, the Echo/Alexa voice recognition control platform, the 6-7 strategic...
Apr. 27, 2017 04:45 AM EDT Reads: 5,435
The explosion of new web/cloud/IoT-based applications and the data they generate are transforming our world right before our eyes. In this rush to adopt these new technologies, organizations are often ignoring fundamental questions concerning who owns the data and failing to ask for permission to conduct invasive surveillance of their customers. Organizations that are not transparent about how their systems gather data telemetry without offering shared data ownership risk product rejection, regu...
Apr. 27, 2017 03:45 AM EDT Reads: 1,575
Judith Hurwitz is president and CEO of Hurwitz & Associates, a Needham, Mass., research and consulting firm focused on emerging technology, including big data, cognitive computing and governance. She is co-author of the book Cognitive Computing and Big Data Analytics, published in 2015. Her Cloud Expo session, "What Is the Business Imperative for Cognitive Computing?" is scheduled for Wednesday, June 8, at 8:40 a.m. In it, she puts cognitive computing into perspective with its value to the busin...
Apr. 27, 2017 03:45 AM EDT Reads: 3,714