Fair Isaac and Turkey's Akbank Expand Partnership through Deployment of Falcon ID
Fair Isaac Corporation (NYSE:FIC), the leading provider of
analytics and decision management technology, announced today that
Akbank, Turkey's largest privately owned bank, has completed
implementation of Fair Isaac's Falcon(TM) ID solution to provide its
customers with effective protection against identity fraud.
Under terms of the agreement, Akbank will become the first
European lender to deploy Falcon ID, initially using the solution to
protect its credit card portfolios. Falcon ID is Fair Isaac's
comprehensive solution for identity fraud detection, which combines
the company's industry-leading predictive analytics, a sophisticated
authentication interview process and multiple sources of data for
validating identities. The solution enables Akbank to quickly detect
and efficiently resolve identity fraud attempts, and validate the
identity of a valued customer or prospect at the earliest possible
stage.
"We welcome the opportunity to build on our successful
relationship with Fair Isaac by integrating Falcon ID into our
enterprise-wide decision management processes," said Yesim Harbath,
Senior Vice President of Card Operations at Akbank. "Fair Isaac's
fraud and identity theft detection solutions are proven among
financial services leaders, and Falcon ID easily integrates with our
existing technology investments. The solution will help us improve
operational efficiency in credit account originations and increase
acceptance rates, while effectively managing risk."
Akbank is currently using several other Fair Isaac applications
for Enterprise Decision Management (EDM). These include a suite of
Fair Isaac custom models and Customer Management TRIAD(TM), which
enables the bank to further automate key credit decisions and better
manage risk at the customer level. The bank also uses a Fair Isaac
origination decisioning solution to automate and improve application
processes for its "CepKredi" service, which allows consumers to apply
via their cell phone for mortgages, general purpose credit and auto
loans.
"Credit grantors in Turkey and throughout Europe who are seeking
to expand their consumer lending business require advanced systems
that enable them to safely and efficiently underwrite new accounts and
optimize their customer decisions," said Robert Duque-Ribeiro,
Managing Director for Europe, Middle East and Africa markets at Fair
Isaac. "Falcon ID provides Akbank with a comprehensive approach to
preventing identity fraud, reducing losses and protecting its credit
card holders. We look forward to helping Akbank and other leading
financial institutions throughout Europe take control of complex
decision processes across their portfolios and leverage them for a
competitive advantage."
Akbank currently receives approximately 200,000 credit card
applications per month, of which 45 percent are declined. Falcon ID
allows the lender to apply an unprecedented depth of predictive data
from both internal and external sources in order to determine in real
time whether an application is genuine or fraudulent, resulting in
faster and more precise origination decisions.
Falcon ID's capabilities include an ID Clearinghouse which
accesses external data and validation services as required in order to
facilitate real-time sharing of critical information between companies
in the same industry -- and across different industries -- to detect
when an identity is compromised. The ID Clearinghouse also provides
organizations with cost savings and more control over their data
investments by enabling them to buy only the types and amounts of data
that match their specific fraud detection requirements.
About Akbank
Founded in 1948, Akbank is the most valuable company and most
profitable private sector bank in Turkey as of year-end 2006. In
addition to core banking activities, Akbank also offers a wide range
of retail, commercial, corporate, private banking and international
trade finance services. Non-banking financial, capital market and
investment services are provided by the Bank's subsidiaries including
Ak Leasing, Ak Securities, Ak Investment Fund, Ak Asset Management and
Ak Pension Fund.
Akbank carries out its activities through its Head Office in
Istanbul and 13 Regional Directorates in Turkey. With a strong and
extensive distribution network that includes 687 branches, Akbank also
provides services through Retail and Corporate Internet Branches, its
Telephone Banking Center, 1,632 ATM/BTMs, 240,287 POS terminals and
the latest technology channels such as kiosks, cell phones and pocket
PC platforms.
About Fair Isaac
Fair Isaac (NYSE:FIC) makes decisions smarter. The company's
solutions and technologies for Enterprise Decision Management give
businesses the power to automate more processes, and apply more
intelligence to every customer interaction. Through increasing the
precision, consistency and agility of their decisions, Fair Isaac
clients worldwide increase sales, build customer value, cut fraud
losses, manage credit risk, reduce operational costs, meet changing
compliance demands and enter new markets more profitably. Founded in
1956, Fair Isaac powers hundreds of billions of decisions per year in
financial services, insurance, telecommunications, retail, consumer
branded goods, healthcare and the public sector. Fair Isaac also helps
millions of individuals manage their credit health through the
www.myfico.com website. Visit Fair Isaac online at www.fairisaac.com.
Statement Concerning Forward-Looking Information
Except for historical information contained herein, the statements
contained in this press release that relate to Fair Isaac, including
statements regarding its Falcon ID and TRIAD product offerings, and
the benefits to be derived from these offerings, are forward-looking
statements within the meaning of the "safe harbor" provisions of the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements are subject to risks and uncertainties that
may cause actual results to differ materially, including any
unforeseen technical difficulties related to the implementation, use
and functionality of the offerings, the risks that customers will not
perceive material benefits from the offerings, failure of the products
to deliver the expected results, the possibility of errors or defects
in the offerings, regulatory changes applicable to the use of consumer
credit and other data, and other risks described from time to time in
Fair Isaac's SEC reports, including its Annual Report on Form 10-K for
the year ended September 30, 2006, and its quarterly report on Form
10-Q for the period ended December 31, 2006. Forward-looking
statements should be considered with caution. If any of these risks or
uncertainties materializes or any of these assumptions proves
incorrect, Fair Isaac's results could differ materially from Fair
Isaac's expectations in these statements. Fair Isaac disclaims any
intent or obligation to update these forward-looking statements.
Fair Isaac, Falcon and TRIAD are trademarks or registered
trademarks of Fair Isaac Corporation, in the United States and/or in
other countries. Other product and company names herein may be the
trademarks of their respective owners.