The largest Mexican-controlled bank has turned to CA Technologies to strengthen its fraud prevention operations.
Banco Mercantil del Norte, S.A. (“Banorte”), a division of Grupo Financiero Banorte, S.A.B. de C.V. (“GFNORTE”), announced today that it is implementing CA Risk Analytics to heighten its precision in distinguishing fraudulent transactions from legitimate ones and provide an easier and more secure experience for credit card users.
Already utilizing the 3-D Secure protocol and CA Transaction Manager, Banorte now further enhances its authentication and fraud prevention capabilities by putting into action CA Risk Analytics. The SaaS-based solutions protocol assesses the risk of online, card-not-present transactions through the application of advanced, statistical predictive models.
“Security and convenience are the two critical demands from our customers of our affiliate Banorte-Ixe Tarjetas S.A. de C.V. SOFOM E.R.,” said Manuel Romo, President of Products, Banorte, in a press release. “Since implementing CA Risk Analytics, we have seen a dramatic decrease in transaction abandonment and improved the enrollment and update process. We’ve more than tripled the number of enrolled users, and also increased the authorization rate 15 percent, requesting authentication for only one fourth of the transactions. The advanced authentication capabilities from CA Technologies give us the confidence that our customer transactions are secure while providing the customer with a seamless user experience.”
What helps CA Risk Analytics pinpoint fraudulent actions that are occurring amidst legitimate ones are its neural network models, which — powered by machine learning techniques — capture data about individual user actions. CA Risk Analytics, the company points out in the press release, is optimized for the aforementioned 3-D Secure protocol and transparently assesses transaction risk in real-time.
“There is a need for a more advanced CNP fraud detection strategy that goes beyond simply comparing the current transaction to established fraud indicators. Using CA Risk Analytics can provide a more accurate assessment of which transactions to authenticate as legitimate and which transactions need to be flagged as potentially fraud,” added Nick Craig, vice president of Secure Payments at CA Technologies, in the release. “We have been working with Banorte to implement and deploy the best secure online payment solution.”