Zelox fraud management solution makes FICO Falcon Fraud Manager available for the first time to lenders and card issuers with smaller transaction volumes
SAO PAULO, - FICO (NYSE:FICO), the leading provider of analytics and decision management technology, today announced that it will provide FICO(TM) Falcon(TM) Fraud Manager in a software as a service (SaaS) model through a new Brazilian company, Zelox, created by its long-standing partner, CPqD. Zelox will offer an integrated fraud and event management solution incorporating FICO's industry-leading Falcon Fraud Manager solution to small and medium-sized enterprises (SMEs) in the Brazilian credit market, giving them a lower-cost way to reduce fraud losses and improve the customer experience.
The new company was introduced on June 20 during the Congress and Tradeshow of IT for Financial Institutions (Ciab 2012) in Sao Paulo.
Many large Brazilian financial organizations already use the Integrated Fraud and Event Management solution from CPqD to detect fraud in real time on their customers' electronic transactions involving debit cards, credit cards, Internet banking and other activities. "By offering this solution in a SaaS model, it will be more attractive to smaller financial institutions with lower transaction volumes," said Helio Graciosa, president of CPqD. "Fees are based on the number of cards monitored, and subscribers will not have to invest in software licensing or infrastructure to run the system."
The Zelox service platform uses technology developed by CPqD and Algar Tecnologia, in addition to FICO. The anti-fraud solution scores each transaction based on FICO neural net models and patented cardholder profiles, and refers suspicious transactions to fraud prevention consultants, not regular call center operators.
"It is a truly innovative solution, based on a secure, high-performance technology infrastructure, which allows for processing large volumes," said Alexandre Gomes, Zelox executive director. "The predictive models were developed especially for the Brazilian market."
"With FICO Falcon Fraud Manager as part of the Zelox service, smaller credit grantors in Brazil can protect their customers with the same advanced technology used by the world's biggest banks," said Andreas Suma, FICO senior director for Latin America. "This will enable SMEs to identify new fraud types that have not yet been detected while strengthening customer relationships by offering better protection and fewer interruptions of legitimate card use."
FICO(TM) Falcon(TM) Fraud Manager is the world's most accurate and comprehensive solution for card payment fraud detection, protecting more than 2.5 billion cards worldwide. More than 40 percent of all credit cards issued by banks in Brazil are already protected by FICO Falcon Fraud Manager.
CPqD is an independent research center dedicated to innovation in information & communication technologies (TICs). In Brazil, CPqD solutions are used by large corporations and institutions in different industries, telecom, electric power, financial services, manufacturing and public administration. After 35 years of operations, the institution has more than 1,300 highly-qualified professionals, recognized by their creativity and commitment to the highest quality standards. Today, CPqD runs the largest R&D program of its segment in Latin America, whose objective is to enhance Brazil´s competitiveness and digital inclusion by providing broader access to product technologies, mission-critic systems, technology services and consulting.
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About Algar Tecnologia
With more than 12 thousand professionals, Algar Tecnologia has operated in the corporate market for 13 years, providing technology solutions for business processes to a client portfolio that includes 200 Brazilian and international corporations.
FICO (NYSE:FICO) delivers superior predictive analytics solutions that drive smarter decisions. The company's groundbreaking use of mathematics to predict consumer behavior has transformed entire industries and revolutionized the way risk is managed and products are marketed. FICO's innovative solutions include the FICO(TM) Score - the standard measure of consumer credit risk in the United States - along with industry-leading solutions for managing credit accounts, identifying and minimizing the impact of fraud, and customizing consumer offers with pinpoint accuracy. Most of the world's top banks, as well as leading insurers, retailers, pharmaceutical companies and government agencies, rely on FICO solutions to accelerate growth, control risk, boost profits and meet regulatory and competitive demands. FICO also helps millions of individuals manage their personal credit health through www.myFICO.com. Learn more at www.fico.com. FICO: Make every decision count(TM).
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