Philippines’ BDO bank extends Fico fraud protection use to debit cards

  • Already in use for credit cards, debit card deployment part of bank’s strategy for e-payments
  • Uses neural networks to analyse cardholder account transactions in real-time to detect fraud
Philippines’ BDO bank extends Fico fraud protection use to debit cardsPREDICTIVE analytics and decision management software company Fico has announced that the Philippines’ largest bank, BDO Unibank, has selected Fico Falcon Fraud Manager to help detect and reduce debit card fraud.
 
The decision will support the bank’s strategy to introduce Internet purchases (card not present transactions) and protect ATM transactions for its entire customer base of more than 13 million, Fico said in a statement.
 
The Philippines has seen a rise in payment card fraud over the last two years, coinciding with the rapid growth of card adoption and usage. As a result, banks are cautious about growing their card portfolios too quickly without effective fraud controls in place, Fico said.
 
Earlier this year, BDO implemented Fico Falcon Fraud Manager for its credit card business,
and is now extending a comparable level of protection to its debit card users.
 
Fico said its solution uses advanced neural networks to analyse cardholder account transactions in real-time to detect fraud.
 
"We're aiming for significantly increased purchase usage among our debit cardholders,” said Emmanuel Narciso, executive vice president for consumer lending at BDO.
 
“Our success will depend largely on our ability to assure customers that they can use their cards, both online and in stores, to make purchases in an easy, safe, and secure manner.
 
“With Fico Falcon Fraud Manager, we can accomplish both and give our customers what other banks can’t,” he claimed.
 
Fico said its Falcon Fraud Manager protects more than 2.5 billion payment cards worldwide. The company currently works with eight of the top 10 banks in the Philippines to mitigate fraud risk and manage credit risk.
 
“By building its debit card programme upon the industry’s most advanced fraud detection solution, BDO is backing its commitment to protect its customers so they can fully enjoy the convenience of their debit cards, just as they do their credit cards,” said Dan McConaghy, president for Fico in Asia Pacific.
 
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