Fineco Bank is the top online bank in Italy and one of the most important online brokers in Europe with more than 400,000 online bank accounts. Its portfolio of more than 400,000 credit cards is expected to rise to 1.5 million over the next five years. With approximately 12 million credit cards in Italy and fraud on the rise, Fineco Bank required a complete solution to reduce fraud losses, improve operational efficiency and minimise customer impact.
The bank required an automated solution to improve the rate and speed of
identifying fraudulent transactions. Fineco Bank undertook a thorough evaluation of all suppliers and selected ACI because of the rich functionality and proven track record of its fraud detection solutions and its comprehensive knowledge of the payments industry. Proactive Risk Manager also ensures that Fineco Bank is fully compliant with international fraud reduction mandates from Visa and MasterCard, a key requirement for the bank.
The software will be fully integrated with Fineco Bank's card authorisation
platform for better enterprise risk management, reducing fraud-associated costs. The software compares the characteristics of each transaction with the recorded patterns of behaviour and assesses the risk of each transaction using a variety of parameters and accumulated statistics. Those parameters and statistics are maintained and calculated in real time. The models will be based on Fineco Bank's card portfolio, which will enhance the system's fraud detection capabilities. Moreover, Fineco Bank will have the ability to update the custom model to adapt to emerging fraud patterns.
"Fraud and customer service are inextricably linked," said Alessandro Foti, CEO, Fineco Bank. "With ACI Proactive Risk Manager, the increased speed of fraud detection will not only improve our revenues through reduced fraud losses but also enhance the perception of Fineco Bank in the eyes of our customers. In light of rising fraud across Italy and Europe and increasing global mandates, this was a key goal for the bank. We were impressed with the knowledge and professionalism of the ACI team."
"ACI Proactive Risk Manager is a complete software solution that meets Fineco Bank's needs. By detecting fraudulent activity more quickly, it will enable the bank to improve its efficiency and reduce fraud-related losses," said Gianfranco Botti, general manager, ACI Worldwide Italia. "We are proud to be associated with one of Europe's largest on-line trading banks and welcome to opportunity to contribute to its ongoing success."
For further information please contact:
Jenny Taylor/Alexandra Kedward
Tel: +44 (0)20 7 959 5400