Switzerland's PostFinance Selects FICO Falcon Platform to Protect Nearly 3 Million Debit Cards with AI
FICO has announced that Switzerland's PostFinance will implement the FICO® Falcon® Platform to safeguard nearly 3 million debit cards against fraud. This platform is recognized as a leading AI-powered payment protection system globally. With PostFinance's new partnership with MasterCard for co-branded cards, strong security is prioritized amidst a rise in scams during the pandemic. The Falcon Platform, known for its robust fraud prevention capabilities backed by over 120 patents, will bolster customer trust and provide a seamless transaction experience.
- PostFinance will protect nearly 3 million debit cards with the AI-powered FICO Falcon Platform.
- The partnership with MasterCard enhances PostFinance's ability to provide co-branded debit cards.
- Falcon Platform has over 120 patents in AI for fraud detection, ensuring strong protection.
- FICO was recognized as the Category Leader for enterprise fraud solutions in the 2021 Chartis Enterprise Fraud Report.
- None.
LONDON, June 16, 2021 /PRNewswire/ -- Analytics software firm FICO today announced that Switzerland's PostFinance will protect nearly 3 million debit cards with the FICO® Falcon® Platform, the world's leading AI-powered payments card protection system. PostFinance, the financial institution of Swiss Post and a systemically important bank, will use the Falcon Platform to manage suspicious behavior on customers' accounts, including activity that may be the result of scams, which are increasing across Europe during the pandemic.
More information: https://www.fico.com/en/products/fico-falcon-platform
An estimated one-third of debit card transactions in Switzerland are made using PostFinance debit cards. PostFinance has also recently partnered with MasterCard to cobrand its debit cards, which can be used as MasterCard cards both internationally and domestically.
"Our goal is to be the leading digital bank in Switzerland," said Christoph Stettler, senior security officer at PostFinance. "Trust is critical as we strive to give customers the best banking experience. This is why we selected the FICO Falcon Platform, which is known worldwide as the gold standard in payments fraud protection. Security is our main goal, but we also will ensure more frictionless transactions."
"Debit cards in many countries lack the strong level of protection that credit cards have long had," said Steve Hadaway, vice president and general manager of FICO in Europe, the Middle East and Africa. "With the FICO Falcon Platform, PostFinance customers will enjoy the strongest protection possible, powered by more than 120 patents in the area of artificial intelligence for fraud detection."
The FICO® Falcon® Platform is designed to adapt fraud defenses in real time, across all channels and payment types, with each transaction. Around two-thirds of the world's card accounts are protected by the Falcon Platform, and more than 2.6 billion global payment accounts are in the FICO® Falcon® Intelligence Network. FICO was named the Category Leader for enterprise fraud solutions in the 2021 Chartis Enterprise Fraud Report.
About FICO
FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956 and based in Silicon Valley, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 200 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in more than 120 countries do everything from protecting 2.6 billion payment cards from fraud, to helping people get credit, to ensuring that millions of airplanes and rental cars are in the right place at the right time.
Learn more at https://www.fico.com
FICO and Falcon are registered trademarks of Fair Isaac Corporation in the U.S. and other countries.
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SOURCE FICO
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