Entercard adopts FICO to boost fraud detection in Nordics

Entercard will use FICO Platform for enhanced fraud detection and prevention in application processing across the Nordic region.

The finance firm, which operates in Norway, Sweden, Denmark, and Finland, has decided to implement FICO's AI-powered technology as part of its enterprise fraud programme. Entercard aims to better identify fraudulent account openings by utilising FICO Platform's capabilities in model development, identity resolution, streaming data, customer profiling, and service orchestration.

Entercard plans to use the platform to bolster its ability to detect various forms of criminal activity. This includes synthetic identity fraud, in which false profiles are created over time, as well as first-party fraud involving intentional misrepresentation by genuine applicants. The platform will also aid in the detection of accounts opened to facilitate fraud, identify cases of identity theft and impersonation, carry out application velocity checks to monitor for multiple applications over short periods, and flag potential bust-out fraud, where an account is opened with the intent to default.

"We needed a wide range of cutting-edge analytic services that are interoperable and composable, to align with our strategic technology architecture and our enterprise case management technology," said Céline Goulfault, Chief Operations Officer at Entercard. "FICO is a trusted partner with a long history of delivering outstanding results at Entercard."

"FICO Platform gives us the flexibility and power we need to complement our existing capabilities and improve our customer experience while keeping security as our top priority," Yannick Leclerc, Head of Fraud Strategy & Analytics at Entercard, stated, highlighting the impact on customer service and security.

FICO Platform intends to use data, analytics, AI, and optimisation techniques to improve decision-making, customer interactions, and enterprise risk management. The platform enables organisations to break down silos across departments and aims to foster heightened agility and collaboration among employees, with a focus on customer-centric digital transformation.

"Entercard has long been a leader in the fight against fraud. Their remarkable results using FICO Falcon Fraud Manager have made them a past winner of a FICO Decision Award for Fraud Control. By adopting the power of FICO Platform, Entercard can give even greater protection to its customers across the region," Nikhil Behl, President, Software at FICO, commented on the partnership.

The partnership comes as part of Entercard's strategic objective to modernise its fraud prevention framework and ensure its technology aligns with both operational requirements and regulatory expectations in the Nordics. Enhanced fraud scorecards and advanced network link analysis are expected to enable Entercard to confirm applicants' identities more accurately and spot suspicious patterns that may indicate fraudulent intent.'

Both companies have indicated that the adoption of the FICO Platform aligns with Entercard's broader information security and risk management strategies, as well as its ongoing focus on improving customer experience without compromising security.

Entercard services over 1.5 million customers in four Nordic markets and has 460 employees. Its ownership includes Barclays Principal Investments Limited and Swedbank, providing access to international expertise in lending and risk management.

FICO, established in 1956, offers analytics and predictive solutions to financial services and other industries worldwide. Its technologies are employed in more than 80 countries, and the company is credited with developing the FICO Score, which is widely used by lenders to assess consumer credit risk.