The Fico Falcon Fraud Manager will support Permata Bank’s objective to improve fraud prevention, detection, investigation, recovery and remediation.
The bank will use Falcon’s real-time fraud capabilities to score debit and credit card transactions as they occur. Based on these scores, bank will be able to stop the highest-risk transactions if needed, without slowing down transaction speeds for legitimate transactions.
Fico said the fraud detection system uses neural network models that analyze transaction behavior and spending pattern to produce a fraud risk score.
PermataBank head Corporate Affairs Leila Djafaar said that the bank’s goal is to ensure customers are protected from the emerging threat of card fraud with best-in-class solutions.
Fico managing director and head of Australia, ASEAN and India Dattu Kompella said that Permata Bank is using market-tested fraud protection technology, which the company expect will have an impact on fraud levels in Indonesia.
Fico and its Indonesian partner Astra Graphia Information Technology (AGIT), a provider of information and communication technology for businesses in Indonesia, will work with Bank Permata to implement the technology in 2011.
