PostFinance selects FICO Falcon Platform to boost fraud defenses

By Megha Bhattacharya

Analytics software firm FICO announced that Switzerland’s PostFinance has selected the FICO Falcon Platform, the AI-powered payments card protection system. PostFinance will use the Falcon Platform to manage suspicious behavior on customers’ accounts, including activity that may be the result of scams, which are increasing across Europe during the pandemic. The FICO Falcon Platform is designed to adapt fraud defenses in real-time, across all channels and payment types, with each transaction.

“Our goal is to be the leading digital bank in Switzerland,” said Christoph Stettler, senior security officer at PostFinance. “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.”

Recently, FICO announced that S-Pankki, the banking arm of Finnish retailing co-operative S-Group, has selected its risk analytics solution for expanding its customer base. FICO leverages modelling technologies in developing predictive analytics and is used by lenders, retailers and other firms.

“Debit cards in many countries lack the strong level of protection that credit cards have long had,” said Steve Hadaway, vice president and general manager of FICO in Europe, the Middle East and Africa. “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.”