|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.
In the enterprise today, connected IoT devices are everywhere – both inside and outside corporate environments. The need to identify, manage, control and secure a quickly growing web of connections and outside devices is making the already challenging task of security even more important, and onerous. In his session at @ThingsExpo, Rich Boyer, CISO and Chief Architect for Security at NTT i3, will discuss new ways of thinking and the approaches needed to address the emerging challenges of securit...
Feb. 21, 2017 10:00 AM EST Reads: 1,295
Almost two-thirds of companies either have or soon will have IoT as the backbone of their business. Though, IoT is far more complex than most firms expected with a majority of IoT projects having failed. How can you not get trapped in the pitfalls? In his session at @ThingsExpo, Tony Shan, Chief IoTologist at Wipro, will introduce a holistic method of IoTification, which is the process of IoTifying the existing technology portfolios and business models to adopt and leverage IoT. He will delve in...
Feb. 21, 2017 09:45 AM EST Reads: 1,333
As cloud adoption continues to transform business, today's global enterprises are challenged with managing a growing amount of information living outside of the data center. The rapid adoption of IoT and increasingly mobile workforce are exacerbating the problem. Ensuring secure data sharing and efficient backup poses capacity and bandwidth considerations as well as policy and regulatory compliance issues.
Feb. 21, 2017 09:30 AM EST Reads: 1,728
"I think that everyone recognizes that for IoT to really realize its full potential and value that it is about creating ecosystems and marketplaces and that no single vendor is able to support what is required," explained Esmeralda Swartz, VP, Marketing Enterprise and Cloud at Ericsson, in this SYS-CON.tv interview at @ThingsExpo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Feb. 21, 2017 09:30 AM EST Reads: 244
Wooed by the promise of faster innovation, lower TCO, and greater agility, businesses of every shape and size have embraced the cloud at every layer of the IT stack – from apps to file sharing to infrastructure. The typical organization currently uses more than a dozen sanctioned cloud apps and will shift more than half of all workloads to the cloud by 2018. Such cloud investments have delivered measurable benefits. But they’ve also resulted in some unintended side-effects: complexity and risk. ...
Feb. 21, 2017 09:00 AM EST Reads: 969
Bert Loomis was a visionary. This general session will highlight how Bert Loomis and people like him inspire us to build great things with small inventions. In their general session at 19th Cloud Expo, Harold Hannon, Architect at IBM Bluemix, and Michael O'Neill, Strategic Business Development at Nvidia, discussed the accelerating pace of AI development and how IBM Cloud and NVIDIA are partnering to bring AI capabilities to "every day," on-demand. They also reviewed two "free infrastructure" pr...
Feb. 21, 2017 09:00 AM EST Reads: 157
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, whic...
Feb. 21, 2017 07:45 AM EST Reads: 408
The buzz continues for cloud, data analytics and the Internet of Things (IoT) and their collective impact across all industries. But a new conversation is emerging - how do companies use industry disruption and technology enablers to lead in markets undergoing change, uncertainty and ambiguity? Organizations of all sizes need to evolve and transform, often under massive pressure, as industry lines blur and merge and traditional business models are assaulted and turned upside down. In this new da...
Feb. 21, 2017 07:45 AM EST Reads: 224
It is one thing to build single industrial IoT applications, but what will it take to build the Smart Cities and truly society changing applications of the future? The technology won’t be the problem, it will be the number of parties that need to work together and be aligned in their motivation to succeed. In his Day 2 Keynote at @ThingsExpo, Henrik Kenani Dahlgren, Portfolio Marketing Manager at Ericsson, discussed how to plan to cooperate, partner, and form lasting all-star teams to change the...
Feb. 21, 2017 07:30 AM EST Reads: 4,254
When building large, cloud-based applications that operate at a high scale, it’s important to maintain a high availability and resilience to failures. In order to do that, you must be tolerant of failures, even in light of failures in other areas of your application. “Fly two mistakes high” is an old adage in the radio control airplane hobby. It means, fly high enough so that if you make a mistake, you can continue flying with room to still make mistakes. In his session at 18th Cloud Expo, Lee A...
Feb. 21, 2017 07:00 AM EST Reads: 5,259
“We're a global managed hosting provider. Our core customer set is a U.S.-based customer that is looking to go global,” explained Adam Rogers, Managing Director at ANEXIA, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Feb. 21, 2017 04:30 AM EST Reads: 1,502
SYS-CON Events announced today that Linux Academy, the foremost online Linux and cloud training platform and community, 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. Linux Academy was founded on the belief that providing high-quality, in-depth training should be available at an affordable price. Industry leaders in quality training, provided services, and student certification passes, its goal is to c...
Feb. 21, 2017 03:45 AM EST Reads: 957
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at 20th Cloud Expo, Ed Featherston, director/senior enterprise architect at Collaborative Consulting, will discuss the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
Feb. 21, 2017 03:30 AM EST Reads: 3,642
Manufacturers are embracing the Industrial Internet the same way consumers are leveraging Fitbits – to improve overall health and wellness. Both can provide consistent measurement, visibility, and suggest performance improvements customized to help reach goals. Fitbit users can view real-time data and make adjustments to increase their activity. In his session at @ThingsExpo, Mark Bernardo Professional Services Leader, Americas, at GE Digital, discussed how leveraging the Industrial Internet and...
Feb. 21, 2017 03:30 AM EST Reads: 7,623
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates. In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
Feb. 21, 2017 03:00 AM EST Reads: 1,708