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Business Wire
08-05-2025
- Business
- Business Wire
Bradesco Stops Fraud with AI on FICO Platform, 1B Monthly Transactions, Double the Approval Speed
BUSINESS WIRE)-- FICO World 25 – FICO (NYSE: FICO) 'FICO helped us rethink our approach from the ground up, using AI and machine learning to stay ahead of fraudsters while ensuring a seamless experience for our customers,' said Marcos Molina, corporate security manager at Bradesco. Highlights: Bradesco implemented FICO ® Platform to modernize fraud detection and enhance digital account opening The bank processes nearly 1 billion PIX transactions per month, reducing fraud-related customer friction by 89% Transaction rejections have dropped by 25%, while real-time account openings have grown by 11% Bradesco has won a 2025 FICO ® Decision Industry Vanguard Award At its FICO ® World conference today, global analytics software leader FICO announced that Bradesco, one of Latin America's largest banks, has overhauled its fraud prevention and digital banking systems using FICO ® Platform. Serving more than 71 million customers, the bank now analyzes nearly 1 billion instant payments per month, reducing fraud-related disruptions while enabling real-time account openings. FICO Platform has strengthened security and improved the customer experience, making transactions efficient and account approvals seamless. 'Bradesco is more than a bank; we are a technology-driven financial institution that continuously evolves to meet customer needs,' said Marcos Molina, corporate security manager at Bradesco. 'Since 2019, we have been building on FICO Platform, integrating AI-powered decisioning and digital onboarding. Now we have expanded this to fraud protection, boosting agility, security and efficiency with every innovation.' Watch Bradesco tell their story on video: Securing Digital Transactions & Accelerating Account Openings As Bradesco's digital footprint expanded, transaction volumes surged. The bank needed to scale security without compromising the customer experience. Traditional fraud models struggled, frequently flagging legitimate transactions as suspicious. This forced customers to go through additional steps, such as calling the bank, verifying their identity, or confirming transactions manually—causing delays and frustration. Meanwhile, fraudsters adapted quickly, exploiting gaps in real-time monitoring. To combat these challenges, Bradesco and FICO developed SAFER, an AI-powered fraud and compliance platform built on FICO Platform. SAFER processes up to 25 million PIX payments daily (Brazil's instant payment system) enabling real-time transfers, detecting and preventing fraud in real time. By automating decisioning and reducing manual reviews, Bradesco cut the number of transactions held for further review by 89%, boosting both security and efficiency. 'The sheer volume of transactions we process daily meant we needed more than just stronger fraud detection — we needed a smarter, faster, and more scalable solution,' said Molina. 'FICO helped us rethink our approach from the ground up, using AI and machine learning to stay ahead of fraudsters while ensuring a seamless experience for our customers. What we've built isn't just a solution for today, but a foundation for the future of digital banking.' Key achievements of Bradesco's transformation include: Fraud prevention at scale: Processes nearly 1 billion PIX transactions monthly, reducing fraud-related customer friction by 89% through fewer false positives, faster approvals, and less need for manual verification Operational efficiency: Cut the number of transactions held for further review by 50%, enabling faster approvals Real-time decisioning: Processes up to 25 million PIX payments per day, with a response time of just 50 milliseconds Instant account opening: Reduced onboarding time from hours to real-time, increasing new accounts by 11% Enhanced customer convenience: Reduced transaction rejections by 25% while maintaining strong fraud prevention Bradesco is evolving into a fully digital, decision-driven institution. By expanding its use of FICO Platform, the bank is integrating AI-driven credit risk modeling and real-time transaction monitoring to enhance security, efficiency, and customer experience. SAFER remains central to this transformation, initially focusing on fighting fraud, monitoring digital transactions, and enabling real-time account openings through digital channels. Looking ahead, Bradesco envisions SAFER as a foundation for developing a comprehensive, 360° view of its customers, strengthening protection measures, and advancing Know Your Customer (KYC), anti-corruption, and anti-money laundering protocols. 'Processing nearly a billion transactions per month while reducing fraud-related friction is a remarkable feat,' said Nikhil Behl, president of software at FICO. 'Bradesco's transformation showcases how advanced decisioning and analytics on FICO Platform drive agility, efficiency and security at scale.' For its achievements, Bradesco won a 2025 FICO ® Decision Industry Vanguard Award. To see the full list of 2025 FICO Decision Awards winners, check out: About Bradesco Bradesco is one of Brazil's largest and most respected financial institutions, serving over 71 million customers. The bank is at the forefront of digital banking, utilizing cutting-edge technology to enhance customer experience and financial security. Bradesco is committed to financial inclusion, innovation, and sustainable development, ensuring seamless and secure banking for individuals and businesses across Brazil. About the FICO ® Decision Awards The FICO Decisions Awards recognize organisations that are achieving remarkable success using FICO solutions. A panel of independent judges with deep industry expertise evaluates nominations based upon measurable improvement in key metrics; demonstrated use of best practices; project scale, depth and breadth; and innovative uses of technology. The 2025 judges are: Regan Goble, risk analytics senior manager at Westpac NZ (Previous Winner) Megha Kumar, research vice president at IDC Joe McKendrick, analyst and senior contributor at Forbes Luiz Pacete, technology and marketing industry influencer Ali Paterson, founder and editor-in-chief at Fintech Finance Mike Roberts, head of unsecured retail risk at HSBC UK bank (Previous Winner) Erin Stillwell, EVP, payment partnerships at Blankfactor Allan Tan, group editor-in-chief at Cxociety The winners of the FICO Decisions Awards will be spotlighted at and win tickets to FICO ® World 2025, May 6-9, 2025, at the Diplomat Hotel in Hollywood, Florida. About FICO FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 200 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, insurance, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in more than 80 countries do everything from protecting 4 billion payment cards from fraud, to improving financial inclusion, to increasing supply chain resiliency. The FICO ® Score, used by 90% of top US lenders, is the standard measure of consumer credit risk in the US and has been made available in over 40 other countries, improving risk management, credit access and transparency. FICO is a registered trademark of Fair Isaac Corporation in the U.S. and other countries.
Yahoo
22-04-2025
- Business
- Yahoo
BRF to invest circa $160m in Saudi Arabia meat plant
Brazilian meat company BRF plans to invest around $160m in a new factory in Jeddah, Saudi Arabia. In a statement, BRF said the investment will be made through BRF Arabia Holding Company, a joint venture between the meat giant and the Halal Products Development Company (HPDC). The JV was announced in 2022, with BRF holding a 70% stake and HPDC, a wholly-owned subsidiary of the Kingdom's sovereign wealth fund, the Public Investment Fund (PIF), owning the remaining 30%. Marcos Molina, controlling shareholder and chairman of the boards of directors at BRF and fellow Brazil meat business Marfrig, said the deal 'strengthens our operations in a highly strategic market' and 'consolidates our partnership with the Kingdom of Saudi Arabia in its food safety agenda'. Marfrig holds a majority share in BRF after increasing its holding in its local peer last year having first invested in the business in 2021. The new BRF factory is expected to produce approximately 40,000t per year of processed poultry- and beef-based products, boosting the company's local production from 17,000t to 57,000t annually, it said in a separate statement. Scheduled to commence operations by mid-2026, the Jeddah facility is designed with future scalability in mind, potentially doubling its production capacity over time. It will become BRF's third production unit in Saudi Arabia and its seventh in the Middle East. BRF, which owns the Sadia, Perdigão and Qualy brands, plans to allocate $63m towards the investment in 2025, followed by $98m in 2026. HPDC CEO Fahad Alnuhait said: 'This new facility represents a major step forward in our strategy to build integrated halal manufacturing ecosystems. In partnership with BRF, this investment reflects our continued efforts to advance Saudi Arabia's position in the global halal economy.' The announcement follows BRF Arabia's entry into halal chicken production in Saudi Arabia, acquiring 26% of Addoha Poultry Company. BRF exports to over 14 countries in the region and operates a processed food factory in Dammam. In 2024, BRF reported net sales of 61.37bn reais ($1.06bn), an increase of 14% compared to 2023. The company posted net income of 3.69bn reais versus a loss of 1.87bn reais in 2023. Operating income rose to 6.77bn reais, more than 11 times higher than the 589m reais recorded in 2023. "BRF to invest circa $160m in Saudi Arabia meat plant " was originally created and published by Just Food, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
