Bank Mandiri Achieves Massive Fraud Reduction with FICO Solutions Amid Digital Boom

Curated by THEOUTPOST

On Tue, 17 Sept, 8:03 AM UTC

2 Sources

Share

Bank Mandiri, Indonesia's largest bank, has successfully reduced fraud by 80% on cards and 85% on its digital app using FICO's AI-powered fraud solutions. This significant achievement comes as the bank experiences a surge in digital transactions.

FICO's AI-Powered Solutions Drive Fraud Reduction

Bank Mandiri, Indonesia's largest bank, has made significant strides in combating fraud across its digital channels. Leveraging FICO's advanced AI-powered fraud solutions, the bank has achieved an impressive 80% reduction in card fraud and an 85% decrease in fraud on its digital app 1. These remarkable results come at a crucial time as Bank Mandiri experiences a surge in digital transactions, with mobile banking transactions increasing by 60% and internet banking transactions rising by 16% in 2022 2.

Comprehensive Fraud Protection Strategy

Bank Mandiri's success in fraud reduction is attributed to its implementation of a comprehensive suite of FICO solutions. These include:

  1. FICO® Falcon® Fraud Manager
  2. FICO® Customer Communication Services (CCS)
  3. FICO® Application Fraud Manager

This integrated approach allows the bank to protect various touchpoints in the customer journey, from account opening to ongoing transactions 1.

Real-Time Fraud Detection and Prevention

The FICO Falcon Fraud Manager plays a crucial role in Bank Mandiri's fraud prevention strategy. It employs advanced analytics and machine learning to detect and prevent fraud in real-time across all channels and payment types. This solution has been instrumental in achieving the significant reduction in card fraud 2.

Enhanced Customer Communication

FICO's Customer Communication Services (CCS) has enabled Bank Mandiri to improve its fraud alert system. The bank can now send personalized, multi-channel communications to customers, allowing for quick verification of suspicious transactions. This has led to a 50% increase in contact rates and a 30% improvement in the speed of customer responses 1.

Addressing Application Fraud

With the implementation of FICO Application Fraud Manager, Bank Mandiri has strengthened its defenses against identity theft and synthetic identity fraud. This solution has been particularly effective in combating fraud attempts during the account opening process 2.

Impact on Digital Banking Growth

The success in fraud reduction has had a positive impact on Bank Mandiri's digital banking growth. Timothy Utama, Chief Risk Officer at Bank Mandiri, stated, "By stopping more fraud, we have been able to increase customer trust in our digital channels, which has led to higher adoption rates and increased transaction volumes" 1.

Future Outlook

As digital banking continues to grow, Bank Mandiri remains committed to enhancing its fraud prevention capabilities. The bank plans to further leverage FICO's solutions to stay ahead of evolving fraud threats and maintain customer trust in its digital channels 2.

This successful implementation of FICO's fraud solutions by Bank Mandiri serves as a prime example of how financial institutions can effectively combat fraud while supporting digital growth in an increasingly online banking landscape.

Continue Reading
Singapore Banking Customers Prioritize Enhanced Security

Singapore Banking Customers Prioritize Enhanced Security Amid Rising Fraud Concerns

A recent FIS survey reveals that Singapore banking customers are increasingly concerned about fraud and prioritize enhanced security measures. The study highlights the growing importance of digital banking and the need for robust protection against financial crimes.

Market Screener logoInvesting.com UK logo

2 Sources

Market Screener logoInvesting.com UK logo

2 Sources

Mastercard Expands AI Technology to Combat Real-Time

Mastercard Expands AI Technology to Combat Real-Time Payment Scams

Mastercard enhances its Consumer Fraud Risk technology with AI capabilities to protect consumers from authorized push payment scams in real-time payments. The expansion aims to address the growing concern of financial fraud in the UK and globally.

Market Screener logobobsguide logoFinextra Research logoPYMNTS.com logo

4 Sources

Market Screener logobobsguide logoFinextra Research logoPYMNTS.com logo

4 Sources

Rising Fraud Threats in Asia's Financial Sector: New Study

Rising Fraud Threats in Asia's Financial Sector: New Study Reveals Challenges and Solutions

A recent study by GBG and Chartis Research highlights the increasing fraud threats in Asia's financial sector. The report emphasizes the need for advanced fraud prevention technologies and strategies to combat sophisticated criminal activities.

Zawya.com logoTaiwan News logo

2 Sources

Zawya.com logoTaiwan News logo

2 Sources

International Panel of Experts to Judge 2025 FICO Decisions

International Panel of Experts to Judge 2025 FICO Decisions Awards

FICO announces a distinguished panel of judges for the 2025 FICO Decisions Awards, recognizing excellence in AI, machine learning, and decision management.

Investing.com UK logoMarket Screener logo

2 Sources

Investing.com UK logoMarket Screener logo

2 Sources

AI: The Double-Edged Sword in the Battle Against Financial

AI: The Double-Edged Sword in the Battle Against Financial Crime

As AI-powered scams become more sophisticated, financial institutions are turning to AI to combat fraud and money laundering. This technological arms race is reshaping the landscape of financial crime prevention.

PYMNTS.com logoQuartz logo

2 Sources

PYMNTS.com logoQuartz logo

2 Sources

TheOutpost.ai

Your one-stop AI hub

The Outpost is a comprehensive collection of curated artificial intelligence software tools that cater to the needs of small business owners, bloggers, artists, musicians, entrepreneurs, marketers, writers, and researchers.

© 2025 TheOutpost.AI All rights reserved