Barclays’ South
Africa-based subsidiary, ABSA, is to deploy analytics and decision
management technology,Falcon Fraud Manager 6, from US-headquartered
vendor FICO.
Set for implementation
in the New Year, Falcon will support ABSA’s goals to improve fraud
prevention, detection, investigation, recovery and remediation
across its debit and credit card portfolios.
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ABSA will use Falcon’s
real-time fraud capabilities to score card transactions as they
occur. Based on these scores, Absa will be able to stop the
highest-risk transactions if needed, without slowing down
transaction speeds for legitimate transactions.
Paul Mathias, head of
fraud risk management, ABSA Group, said: “Our objective is to
provide unsurpassed fraud protection to our banking customers. We
chose Falcon because it gave us the real-time detection we need,
and it enables us to manage fraud for all customers’ cards from a
single platform.
“As we grow, Falcon’s
multi-tenant capability means we can easily add new regions. In
addition, Falcon’s component-based design fits with our IT
architecture. This is simply the best system for a growing bank
facing today’s fraud threats.”
Mike Gordon, leader of
FICO’s global banking industry practice said: “Absa is moving to
best-in-class fraud protection. Falcon 6 will also have an impact
on fraud in South Africa. Fraudsters are opportunistic, so we
expect some migration of fraud activities as the criminals shift
their activities to other banks and other regions.”
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