FICO, a provider of predictive analytics and decision management technology, has announced that ATM network operator Evertec Group LLC has selected the FICO Card Alert Service to protect against counterfeit card and skimming fraud in Puerto Rico.
Evertec operates the ATH Network of ATMs in Puerto Rico, which executes more than 1.2 billion transactions annually, and includes more than 4,900 ATMs and 107,000 POS payment terminals in Puerto Rico and the Caribbean.
The company will use FICO Card Alert Service to identify and report counterfeit payment cards to issuers before the majority of them incur fraud losses. The cloud-based service analyzes daily transactions via EFT network feeds. This data is used to identify compromised ATMs and alert card issuers to potentially affected cards.
Evertec is also upgrading to FICO Falcon Fraud Manager 6.3, the latest version of FICO’s payment fraud solution. Evertec will use the software to improve fraud prevention, detection, investigation, recovery and remediation in card processing in real time, scoring card transactions as they occur.
"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. "By partnering with FICO, Evertec will be able to protect and defend the financial institutions participating in its ATH Network from fraud."
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