Swedish lender Nordea has selected FICO’s fraud management solution, FICO Falcon Platform, to protect its customers from credit, debit and e-payments fraud.
The company will also use FICO’s adaptive analytics technology to refine fraud detection.
The fraud management solution will be implemented for the company’s retail banking as well as corporate banking segments.
It will eventually be rolled out to all Nordic countries including Sweden, Norway, Denmark and Finland. The company earlier used separate fraud solutions for various countries and channels.
FICO regional director of Nordics, the UK and Ireland Steve O’Malley said: "FICO already partners with Nordea in multiple parts of their business, including customer account management and scorecard development, and our work with them on customer fraud protection is a natural extension of that partnership.
"Enterprise-wide fraud management is a goal for many banks worldwide, since criminals are keen to exploit gaps between fraud systems. Nordea’s leadership will show how a centralized approach can reduce fraud losses while improving the customer experience."