Digital commerce solution provider deploys
industry-leading FICO® Falcon® Fraud Manager across MEA to help
drive down fraud losses; Network International wins 2024 FICO
Decision Award for Cloud Deployment
FICO (NYSE: FICO):
Highlights:
- Network International LLC (NI), headquartered in Dubai, has
helped banks in the Middle East and Africa prevent fraud using an
on-prem and cloud-hosted version of the industry leading FICO®
Falcon® Fraud Manager
- More than 40 financial institutions in United Arab Emirates,
Saudi Arabia, Egypt and South Africa are using the solution to help
protect 20+ million customers, reducing fraud basis points of sales
by 82% in 2022
- Network International has won a 2024 FICO® Decision Award for
Cloud Deployment.
Global analytics software leader FICO announced today that
Network International LLC (NI), headquartered in Dubai, has helped
banks in the Middle East and Africa help prevent fraud using a
cloud-hosted version of the industry-leading FICO® Falcon®
Fraud Manager. More than 40 financial institutions in United Arab
Emirates, Saudi Arabia, Egypt and South Africa are using the
solution to protect 20+ million customers, processing more than 180
million transactions, representing USD18 billion in value.
Collectively, NI and FICO Falcon Fraud Manager have reduced fraud
basis points of sales by 82% in 2022, and increased fraud detection
rates by 25%. Network International has won a 2024 FICO® Decision
Award for Cloud Deployment.
More information:
https://www.fico.com/en/products/fico-falcon-fraud-manager
“Considering the continuously evolving nature of fraud and
increased regulatory scrutiny on issuers, it is imperative for
banks to establish a robust strategy, processes, technology, and
resources to prevent financial and reputational losses,” said
Arindam Chatterjee, group head, Safety and Security Solutions at
Network International. “But deploying an on-premises fraud
management solution is complex, challenging, time-consuming, and
costly. FICO Falcon Fraud Manager, which we host as a service, has
successfully resolved a complex puzzle for banks and payment
service providers that have entrusted NI with the end-to-end
responsibility of managing fraud across payment channels on their
behalf.”
NI adopted FICO Falcon Fraud Manager to address their customers’
unmet need to use a single platform for preventing and detecting
fraud across both card (debit, credit and prepaid) and non-card
(retail banking, corporate banking, alliance banking and others)
product portfolios. FICO Falcon Fraud Manager at NI gives customers
complete flexibility in choosing the channels they want to
integrate, deploying the solution in phases and scaling their
operations according to business requirements, fraud perception and
regulatory priorities. It enables organizations to address fraud
comprehensively with a 360° customer view using a unified platform
featuring advanced AI and machine learning models for all payment
and service channels.
“Because it’s a hosted service, institutions in any country can
use it regardless of the size of their customer base or economy,
without concerns about the substantial capex of on-premises
deployment and onsite support,” said Chatterjee. “NI-hosted
FICO Falcon Fraud Manager suits the requirements equally well for a
new bank, small bank, mid-sized bank or a large multi-national
bank. We can deploy it faster than an on-premises solution for a
customer, and reduce their capital expenditure, resource and
training costs. They get effective fraud management from day
one.”
In addition to managing the anti-fraud application, environment,
network and integrations with client’s payment systems, NI also
provides continuous analytics and rule management services, and
24/7/365 fraud monitoring operations carried out by a dedicated
team work on case investigations and disposition.
Deploying Across the Middle East and Africa
In some countries with stringent data residency requirements
imposed by central banks and regulators, such as the Saudi Central
Bank, banks cannot process their data outside their country
borders. In response, NI adopted a customer-centric approach and
established FICO Falcon Fraud Manager instances as close to the
clients as possible, in UAE, Saudi Arabia, Egypt, and South Africa.
These deployments leveraged FICO Falcon Fraud Manager’s native
capabilities, including:
- Infrastructure flexibility: on-premises or cloud-agnostic
deployments
- Modular architecture
- Containerised components
- Scalability encompassing both vertical and horizontal
expansion
- API-based interfaces
- Cross-data centre replication between production and disaster
recovery
Because of these capabilities, the NI technology teams could
effectively replicate one successful FICO Falcon Fraud Manager
deployment across other key regions with substantial growth
potential. These regions predominantly serve developing economies
during the transition from cash-based transactions to digital
payment systems.
Lower Fraud Losses and Higher Detection Rate
“To date, with a review rate of just 1.13%, we have saved an
impressive amount of fraud losses, aggregating to USD9.7 million,
which has provided 7.45X ROI to our clients in the current
financial year alone,” said Chatterjee.
One of those clients is a small-sized yet fast-growing UAE-based
bank that deploys FICO Falcon Fraud Manager at an enterprise level
to monitor transaction fraud across cards, retail banking, channels
and corporate banking accounts. After implementing FICO Falcon
Fraud Manager real-time transaction fraud prevention technology,
the bank has a fraud detection rate of over 90%, more than three
times as high as when they first started leveraging the
solution.
“FICO Falcon Fraud Manager is far and away the industry leader
in fraud detection, protecting more than 4 billion payment accounts
worldwide,” said Nikhil Behl, EVP for software at FICO. “We
applaud Network International’s achievements in bringing this
powerful solution to firms of all sizes across the region. They are
helping to keep their customer’s customers safe from all kinds of
fraud. Bravo!”
“The judging panel was impressed by the expansive scale of
Network International's deployment of FICO Falcon Fraud Manager,”
added Eric Kavanagh, CEO Bloor Group and host of InsideAnalysis,
who was one of the FICO Decisions Awards judges. “By providing
fraud prevention-as-a-service to the region, they demonstrated a
groundbreaking approach to threat detection. This innovative
business model, democratizing advanced technology for a diverse
range of organizations, stood out as a testament to their vision
and execution, making Network International's achievement truly
impressive."
About the FICO® Decisions Awards
The FICO Decisions Awards recognize organizations that are
achieving remarkable success using FICO solutions. A panel of
independent judges with deep industry expertise evaluates
nominations based on measurable improvement in key metrics;
demonstrated use of best practices; project scale, depth and
breadth; and innovative uses of technology. The 2024 judges
are:
- Andrew Birmingham, editor, Mi3
- Eric Kavanagh, CEO Bloor Group and host,
InsideAnalysis
- Elizabeth Lumley, deputy editor, The Banker
- Paul Mah, senior editor, CDO Trends
- Laura Martins, editor, IT Forum
- Paul Robinson, VP credit management at Canadian Tire
Bank (Previous Winner)
- Shiv Sehgal, EVP audience analytics at RSG Media
(Previous Winner)
- Nick Vitchev, director at Chartis
The winners of the FICO Decisions Awards were spotlighted at
FICO® World 2024, held in April 2024 in San Diego,
California.
About Network International LLC
Network International LLC is the Middle East and Africa’s
largest and leading digital payments company. Our purpose is to
help businesses and economies grow by simplifying payments and
commerce. We operate in 50+ countries serving governments, banks,
fintechs, merchants and public sector companies. We have 2,000+
employees based in our markets serving over 250 financial
institutions and 130,000+ merchants.
About FICO
FICO (NYSE: FICO) powers decisions that help people and
businesses around the world prosper. Founded in 1956, the company
is a pioneer in the use of predictive analytics and data science to
improve operational decisions. FICO holds more than 200 US and
foreign patents on technologies that increase profitability,
customer satisfaction and growth for businesses in financial
services, insurance, telecommunications, health care, retail and
many other industries. Using FICO solutions, businesses in more
than 100 countries do everything from protecting 4 billion payment
cards from fraud, to improving financial inclusion, to increasing
supply chain resiliency. The FICO® Score, used by 90% of top US
lenders, is the standard measure of consumer credit risk in the US
and has been made available in over 40 other countries, improving
risk management, credit access and transparency.
Learn more at https://www.fico.com
FICO and Falcon are registered trademarks of Fair Isaac
Corporation in the U.S. and other countries.
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version on businesswire.com: https://www.businesswire.com/news/home/20240819819454/en/
Corporate Communications Network International Dubai, UAE Tel:
+9714 303 2431 lambert.espedido@network.global
Srishti Soni ASDA’A BCW | +9714 450 7600
srishti.soni@bcw-global.com
For further comment contact: FICO UK PR Team Wendy
Harrison/Parm Heer/Matthew Enderby ficoteam@harrisonsadler.com 0208
977 9132
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