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BOCOM Selects FICO Analytic SolutionJan 31, 2013 (Close-Up Media via COMTEX) -- FICO, a provider of analytics and decision management technology, announced that China's Bank of Communications (BOCOM) has selected FICO Falcon Fraud Manager to protect the bank and its customers from payment card fraud. BOCOM, one of four oldest banks in China, will be the first Chinese bank to implement FICO's fraud solution, which is used by more than 9,000 financial services organizations worldwide to protect more than 2.5 billion active card accounts, including more than 50 million in the Asia-Pacific region. According to a release, China's Bank of Communications, with HSBC, established the China Bank of Communications Pacific Credit Card Center in 2004. Like most Chinese banks, the bank was using a combination of third-party and in-house systems to manage and track fraud, but its systems lacked real-time detection capabilities and could not recognize new types of fraud. After a competitive review, BOCOM chose FICO's solution on the strength of its global track record. "Our goal is to protect our customers' card security while ensuring that they have a good experience at the point of transaction," said Dr. Liu Xuanqing, director of the risk department, Pacific Credit Card Center. "With FICO's solution, we are confident we can considerably reduce losses in transaction fraud and also generate fewer false positives, resulting in a more protected environment for our customers." This marks the second time BOCOM has been first-to-market with a FICO application, as the bank previously has implemented FICO TRIAD Customer Manager, FICO Model Builder, FICO Capstone Decision Accelerator, in addition to other FICO decision management applications. "China's consumer banking industry has experienced explosive growth, but with that growth comes criminals seeking to perpetrate fraud," said John Chen, managing director for FICO in China. "By selecting FICO Falcon Fraud Manager, BOCOM has raised the standard for performance for the entire industry, with real-time detection of both known fraud schemes and those that are likely to emerge in the future." More information: www.myFICO.com www.fico.com http://creditcard.bankcomm.com ((Comments on this story may be sent to [email protected])) |