Analytics software company FICO recently revealed that Switzerland-based PostFinance will be protecting almost 3 million debit cards with the FICO® Falcon® Platform, an AI-enhanced payments card protection solution.
PostFinance, the financial services division of Swiss Post, says it will be using the Falcon Platform to address suspicious activities that may take place on clients’ accounts, which may include certain activities that could be associated with scams. It’s worth noting that there’s been a significant increase in online scams following the COVID-19 outbreak, because many more people are conducting transactions and interacting via all-digital platforms.
Approximately 33% of all debit card transactions in Switzerland are carried out via PostFinance debit cards. PostFinance has also teamed up with MasterCard to co-brand its debit cards, which may be used as MasterCard cards locally and internationally as well.
The FICO Falcon Platform has been developed specifically for addressing cases of fraudulent activities in real-time, across all channels and payment types (for every transaction).
About 66% of the global card accounts are being protected by the Falcon Platform, and over 2.6 billion global payment accounts are currently in the FICO® Falcon® Intelligence Network.
Christoph Stettler, Senior Security Officer at PostFinance, stated:
“Our goal is to be the leading digital bank in Switzerland. Trust is critical as we strive to give customers the best banking experience. This is why we selected the FICO Falcon Platform, which is known worldwide as the gold standard in payments fraud protection. Security is our main goal, but we also will ensure more frictionless transactions.”
Steve Hadaway, Vice President and General Manager of FICO in Europe, remarked:
“Debit cards in many countries lack the strong level of protection that credit cards have long had. With the FICO Falcon Platform, PostFinance customers will enjoy the strongest protection possible, powered by more than 120 patents in the area of artificial intelligence for fraud detection.”