PostFinance Switzerland picks FICO’s Falcon for fraud protection
Switzerland-based PostFinance, the financial arm of the country’s postal service, has selected FICO to boost its card security.
The Swiss bank is deploying the FICO Falcon system to manage suspicious behaviour on customers’ accounts.
According to FICO, one-third of debit card transactions in Switzerland are made using PostFinance debit cards.
The Falcon platform provides a collection of supervised, unsupervised and semi-supervised machine learning techniques, including real-time behavioural profiling.
“Trust is critical as we strive to give customers the best banking experience,” says Christoph Stettler, senior security officer at PostFinance.
“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.”
Founded in 1906, PostFinance is considered a systemically important bank in Switzerland, gaining that status in 2015.
The bank is the seventh-largest in its home country, and holds more than $135 billion in assets.
“Debit cards in many countries lack the strong level of protection that credit cards have long had,” says Steve Hadaway, general manager at FICO.
“With the FICO Falcon platform, PostFinance customers will enjoy the strongest protection possible, powered by more than 120 patents.”