SINGAPORE, Nov. 5, 2013 /PRNewswire/ -- FICO (NYSE:FICO), a leading predictive analytics and decision management software company, today announced that Axis Bank, India's third largest private sector bank, has chosen FICO® Falcon® Fraud Manager to enable detection and prevention of fraud in its growing consumer banking portfolio, including credit and debit cards, ATM transactions and the merchant acquiring business.
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Axis is the largest Indian national bank to adopt the FICO solution, and will be using the latest version, FICO Falcon 6, to protect its credit and debit card accounts. The solution enables the bank to detect potential fraud at the transaction level in real time and take appropriate action to prevent it.
FICO® Falcon® Fraud Manager is regarded as the most accurate and comprehensive solution for detecting payment card fraud. Used by more than 9,000 financial services organizations worldwide, FICO Falcon Fraud Manager protects more than 2.5 billion card accounts, including more than 50 million in the Asia Pacific region. Over the past 20 years, FICO Falcon Fraud Manager has saved US card issuers more than $10 billion and APAC issuers more than $1.7 billion.
"We have proactively opted for FICO Falcon Fraud Manager to further secure our customer's transactions, unimpeded by any online threats," said Jairam Sridharan, head of Consumer Lending and Payments, Axis Bank.
Dan McConaghy, president for FICO in Asia Pacific, said, "Fraud management is an essential component of the analytic arsenal that defines a best-practice lending operation. By introducing FICO Falcon Fraud Manager, Axis Bank, as one of the largest and fastest-growing banks in India, is helping spur the entire industry to greater consumer protection and growth."
More information on FICO's enterprise fraud approach is at www.fico.com/enterprisefraud.
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