Metrobank combats card fraud

SINGAPORE – FICO, the leading provider of analytics and decision management technology, announced recently that Metrobank Card has implemented FICO(R) Falcon(R) Fraud Manager to protect its growing base of credit cardholders and mitigate losses from fraud.

Metrobank Card has adopted FICO Falcon Fraud Manager to ensure the maximum protection at a time when the Philippines is experiencing rapid growth in its consumer credit business, which is accompanied by an increased risk of fraud.

A joint venture between the Philippines’ Metrobank and ANZ Bank of Australia and New Zealand, Metrobank Card (MCC) has seen its cardholder base triple since the alliance was formed in 2003.

Overall card issuance in the Philippines is projected to double in the next five years. Fraud perpetrators are known to target developing markets, where increased card usage creates exposure and solutions often lag the sophistication of fraud schemes.

“Our goal is to be the leading payment solutions provider in the Philippines, and to do that, we need the most advanced systems to fight fraud and protect our customers,” said MCC president Riko Abdurrahman.

“We have great confidence in the Falcon solution, and we were especially impressed with the training and support from the FICO team, which kept our implementation on schedule.”

FICO fraud systems protect more than two billion card accounts worldwide, including more than 50 million card accounts in Asia-Pacific. FICO(R) Falcon(R) Fraud Manager has saved Asia-Pacific card issuers more than $1.5 billion in fraud losses.

“We estimate that the Philippines could see a five percent increase in fraud losses per year as criminals migrate to this fast-growing market,” said Burton Crapps, FICO country manager for the Philippines.

“Metrobank Card has taken a proactive, preemptive step to protect its customers and itself with the implementation of FICO’s sophisticated, analytics-driven fraud management solution,” Crapps said.