Network International rolls out AI-based FICO fraud solution to issuers in the region
Published On : 4 November 2018
Implements FICO® Falcon® Fraud Manager for Warba Bank
Network International, a leading payment solutions provider in the Middle East and Africa (MEA), has successfully rolled out the FICO®Falcon®Platform, a real-time fraud solution which uses advanced analytics and intelligence from over 2.6 billion cards worldwide to accurately identify fraudulent behaviour on payment cards.
Warba Bank, in Kuwait, will be one of the first of Network International’s clients to use the Falcon Platform, following the company’s partnership agreement in 2017 with FICO, a leading analytics company, to offer its clients based in the MEA region access to one of the world’s leading payment fraud prevention solutions. Network had earlier announced the availability of the solution to its clients during the inaugural Fraud User Group it held recently in Dubai.
Speaking on the addition of Falcon to Network International’s comprehensive portfolio of products, Paul Clarke, Group Head of Product & Innovation, Network International, said: “Fraud is evolving alongside the technologies we use in our increasingly connected world. Fraud solutions must, therefore, be increasingly sophisticated in order to provide the level of protection that cardholders expect. We are delighted to strengthen our Managed Services offering to issuers by incorporating the FICO® Falcon® Platform’s advanced data intelligence -driven tools.”
A powerful tool for the protection of payment card transactions, the FICO®Falcon® Platform increases cardholder confidence in the face of evolving fraudulent practices. Falcon’s Cognitive Fraud Analytics, a portfolio of fraud-specific machine learning models, determines the authenticity of every transaction, thereby providing customers with a real-time and reliable assessment that takes into account not only worldwide fraud trends based on the Falcon® Intelligence Network, but also each individual’s spending behaviour profile. Network International additionally offers its issuers the option of availing of Managed Services where its team of expert fraud analysts can remotely manage their anti-fraud operations.
Musaed Mazyed Al Mazyed, Head of Sales & Distributions Channels at Warba Bank, said: “Warba Bank’s prime objective is to provide its customers with high-level secured solutions for their card transactions. By partnering with Network International, one of the leading payment solutions providers in the region, we will be the first bank in Kuwait to implement the FICO®Falcon® Platform. This will give our card customers peace of mind, knowing that their transactions are fully safe and secured.” He added: “Warba Bank has been at the forefront of investing in the latest advanced anti-fraud solutions and we remain committed to offering our customers best-in-class protection, so that they can rest assured that their every payment via card is highly secure.”