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Akbank Extends Fraud Protection to Deposit Accounts and Mobile Payments Using FICO System Print E-mail
Tuesday, 10 June 2014

June 10, 2014 — FICO, a leading predictive analytics and decision management software company, today announced that Akbank, one of Turkey’s leading financial institutions, will extend its use of FICO® Falcon® Fraud Manager to monitor demand deposit account (DDA) transactions, including online and mobile transactions. Akbank will be one of Europe’s first banks to monitor fraud on each customer’s card transactions, online banking, mobile banking and other activity using one system.

Akbank already uses FICO Falcon Fraud Manager to check credit and debit card transactions for suspicious activity, to monitor its merchant network for potential fraud, and to stop fraudulent applications for credit cards. By using one system to monitor credit and debit transactions, Akbank will further strengthen its fraud monitoring and perform customer-level fraud checks across multiple channels, including online banking, mobile banking, ATMs, call centers and branches.

With this richer stream of data, the FICO system can detect suspicious patterns faster and increase customer security. Akbank’s fraud team will use the system to deploy multiple fraud detection algorithms and manage fraud cases to speedy resolution using the advanced customer-level case management functionality in FICO Falcon. Akbank is using advanced analytics developed by FICO that examine both global and local fraud trends, and is also setting up special workflows for specific customer segments to improve performance.

“We have achieved very strong results using FICO Falcon Fraud Manager,” said Yeşim Harbath, senior vice president at Akbank. “By integrating the DDA module, we will be increasing our enterprise fraud protection for our valued customers, and minimizing customer disturbance through more efficient detection. The Falcon system provides a lower operational cost than if we ran two different systems, and we will also gain in resource efficiency by managing and maintaining just one fraud system for all channels. We reviewed several solutions, but FICO had the strongest product and the most experience helping banks like ours succeed.”

“As internet and mobile banking grow, a cross-channel view of a customer’s banking activity becomes more important for stopping fraud,” said Kerem Gul, who manages FICO’s operations in Turkey from the company’s new Istanbul offices. “We are proud to help banking leaders like Akbank make enterprise fraud management a reality.”

With a consolidated asset size of close to USD$93 billion, a strong and extensive national distribution network comprising around 990 branches, 16,500 employees, more than 4.000 ATMs and 290,000 POS terminals, Akbank is one of the most valuable companies in Turkey in terms of its market capitalisation. Akbank is also “the most valuable banking brand in Turkey” according to the Brand Finance - Banking 500, 2014 report, for the third consecutive year. The Banker, Euromoney, EMEA Finance and World Finance recognized Akbank as “the best bank of Turkey” in 2013. Akbank was also named “the best bank in the world in tech and innovation” by The Banker. In addition, the bank won “the best smart phone app of the year” award at Mobile World Congress – GSMA, held in Barcelona this year.

FICO® Falcon® Fraud Manager is the most accurate and comprehensive solution for detecting payment fraud, reducing losses by up to 50 percent. Protecting more than 2.5 billion payment accounts worldwide, Falcon Fraud Manager detects fraud while minimizing both operational costs as well as adverse customer impacts.

(Source - FICO Press Release)  

 

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