Total System Services Inc. (TSS) has joined forces with leading predictive analytics and decision management software company – FICO – to offer secured payment processing network in Brazil.
Accordingly, the alliance incorporates FICO Falcon Fraud Manager software, version 6.3 to detect any fraudulent payments, thus extending protection for more than 1.8 million cardholders in Brazil. This new software will not only identify any sham transaction but will also rectify the doubtful action, thereby aiding smooth payment processes.
Boasting of reducing losses by over 50%, FICO Falcon Fraud Manager has a global payment accounts base of more than 2.5 billion card accounts. Hence, this technology helps in reducing operating costs, avoiding unpleasant customer experience and enhancing a secured payment process.
Particularly, the deployment of this fraud detection software in Brazil holds substantial significance given the fact that this country suffers from immense losses due to frauds within credit card payments. Brazil is ill-famed for having at least 1 fraud in every 15 seconds. Credit card fraud losses totaled $500 million in 2012 and further rose 2.4% year over year in the first five months of 2013.
Naturally, an expert technical fraud prevention tool is the need of the hour in Brazil. Identification of fraud transactions as well as making amends to fill such loopholes scores wells for Total System. Alongside, the card and digital payment industry is also rapidly waking up to fight against fraudulent practices.
Given the hike in losses in the financial services industry due to fraud, we believe that the alliance between Total System and FICO has huge potential for secure and reliable money management. Such high-grade technical practices also bode well for long-term growth in Total System’s card portfolio services, the fruits of which are likely to be reflected in the financial results of the upcoming quarters.
Along with Total System, Official Payments Holdings Inc. (OPAY) carries a Zacks Rank #1 (Strong Buy). Other strong performers in the financial sector include XOOM Corp. (XOOM) and Visa Inc. (V), both of which carry a Zacks Rank #2 (Buy).
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