Turkish financial services group Disbank is reporting a 200% increase in the number of fraudulent credit card applications identified after deploying technology from California-based KXEN.
KXEN says through the use of its Analytic Framework software, Disbank is saving $25,000 a day by catching more fraudulent applications.
The technology was delivered by KXEN's local partner Kratis and replaces manual checking processes at the bank.
Taner Ayhan, EVP, alternative channels, Disbank, comments: "What KXEN and their partner Kratis have done, is to give us the ability to quickly prioritise and analyse all of the applications. This means we only have to investigate the applications that KXEN flags."
Kunter Kutluay, VP, Kratis, adds: "It took us just one day of working with the bank's historic fraud data to identify, with a high degree of reliability, 94% of the fraudulent applications. A month later we had implemented a system which agents could use to score individual applications on their desktops."