Network International deploys industry-leading FICO Falcon Fraud Manager across MEA to help drive down fraud losses.
Takeaway Points
- Network International LLC (NI), 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 the 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 percent in 2022.
- Network International has won a 2024 FICO Decision Award for cloud deployment.
Network International Slashes Fraud Rates With FICO
FICO, the global analytics software leader, said on Monday 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.
The Global Analytics company said that over 40 financial institutions in the 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 USD 18 billion in value. Network International has won a 2024 FICO Decision Award for Cloud Deployment.
Arindam Chatterjee, group head, Safety and Security Solutions at Network International, said, “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. 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.”
“To date, with a review rate of just 1.13 percent, 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,” Chatterjee added.
Nikhil Behl, EVP for software at FICO, commented, “FICO Falcon Fraud Manager is far and away the industry leader in fraud detection, protecting more than 4 billion payment accounts worldwide. 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!”
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.
About the FICO Decisions Awards
The FICO Decisions Awards recognize organizations that are achieving remarkable success using FICO solutions and the winners of awards were spotlighted at FICO World 2024, that was held in April 2024 in San Diego, California.
The 2024 judges include: 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); and Nick Vitchev, director at Chartis.
Eric Kavanagh, CEO of Bloor Group and host of InsideAnalysis, who was one of the FICO Decisions Awards judges, said, “The judging panel was impressed by the expansive scale of Network International’s deployment of FICO Falcon Fraud Manager. 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 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.
