Provider of analytics and decision management technology, FICO recently announced that it will provide its Falcon Fraud Manager solution to a new Brazilian company, Zelox, in a Software- as- a- Service (SaaS (News - Alert)) model. Zelox, created by longstanding FICO partner CPqD, is looking to offer an integrated fraud and event management solution by leveraging FICO's software. This solution is to be aimed at small to medium-sized enterprises in the Brazilian credit market.
Many large Brazilian financial organizations already use CPqD's Integrated Fraud and Event Management solution, which allows them to detect fraud in real time on customers' electronic transactions, including debit, credit and Internet transactions. Zelox's version of the solution will provide very similar functionality but with smaller businesses in mind.
"By offering this solution in a SaaS model, it will be more attractive to smaller financial institutions with lower transaction volumes," said Helio (News - Alert) Graciosa, president of CPqD, in a press release. "Fees are based on the number of cards monitored, and subscribers will not have to invest in software licensing or infrastructure to run the system."
By combining CPqD's technology with the FICO Falcon Fraud Manager, Zelox's anti-fraud solution will score each transaction based on FICO neutral net models and patented cardholder profiles, referring suspicious transactions directly to fraud prevention consultants.
"With FICO Falcon Fraud Manager as part of the Zelox service, smaller credit grantors in Brazil can protect their customers with the same advanced technology used by the world's biggest banks," said Andreas Suma, FICO senior director for Latin America. "This will enable SMEs to identify new fraud types that have not yet been detected while strengthening customer relationships by offering better protection and fewer interruptions of legitimate card use."
Earlier in the month, FICO's fraud management software was also selected by Huatai Property Insurance of China as its insurance fraud protection solution.
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Edited by Brooke Neuman