Evertec, FICO partner to combat ATM fraud
Credit and debit card processing company Evertec is adopting technology to protect and defend consumers against counterfeit card and skimming fraud in Puerto Rico. Through an agreement with FICO, a provider of predictive analytics, Evertec will integrate the FICO Card Alert Service and the Falcon Fraud Manager 6.3 software into islandwide ATM network.
Evertec executes more than 1.2 billion transactions annually, and operates networks of more than 4,900 ATMs and more than 107,000 point-of-sale payment terminals in Puerto Rico and the Caribbean.
Evertec will use the FICO Card Alert Service for early identification and reporting of suspected counterfeit card and skimming fraud for its ATH network. The FICO Card Alert Service combines predictive analytic software with investigative techniques to help organizations fight ATM fraud that originates from counterfeit card and PIN skimming.
“Evertec is upgrading its fraud offering for our ATH network members with strong tools to defend against payment card fraud including counterfeit cards and skimming fraud,” said Jorge Hernández, senior vice president at Evertec. “Falcon Fraud Manager and FICO Card Alert Service are the most up-to-date solutions for protecting our clients and their customers from fraud losses.”
FICO’s products protect 11,000 U.S. financial institutions against counterfeit fraud, including the top 25 banks and seven payment processing networks.
“Payment card fraud remains a significant problem worldwide, especially with increases of counterfeit and skimming fraud,” said Doug Clare, vice president of product management at FICO. “For 20 years FICO has helped issuers stay ahead of criminals. By partnering with FICO, Evertec will be able to protect and defend the financial institutions participating in its ATH Network from fraud.”
Evertec is upgrading to FICO Falcon Fraud Manager 6.3 to improve fraud prevention, detection, investigation, recovery and remediation to its card processing customers. Evertec uses Falcon’s real-time fraud capabilities to score debit and credit card transactions as they occur. This approach has been demonstrated to be a powerful deterrent to criminals, who can literally be stopped at the point of sale, the company said.
Meanwhile, the FICO Card Alert Service identifies and reports counterfeit payment cards to issuers before the majority of them incur fraud losses. Operating in a cloud environment, the service analyzes daily transactions across multiple financial institutions via EFT Network feeds.
This data is used to pinpoint compromised ATMs and other devices, and alert card issuers about their cards that may have been affected. In doing so, large inventories of counterfeit cards are isolated and reported to appropriate issuers prior to suffering fraudulent authorization attempts, the companies said in a joint statement.