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US solutions provider FICO (NYSE: FICO) has reached a milestone in Brazil's market, with 72.4mn cards issued by local banks protected by its FICO Falcon Fraud Manager solution, the company said in a statement.
According to the company, about 41% of credit cards issued in Brazil are protected by FICO's fraud solution.
"Brazilian banks are focusing their IT capabilities on product and service innovation, and fraud prevention is obviously one of their priorities," said Andreas Suma, FICO senior director for Latin America.
Brazil is considered one of the fastest expanding credit card markets, with average growth of more than 20% a year since 2005, the company said, citing a study by Lafferty Group.
FICO's fraud solution has been implemented by 17 credit card issuers worldwide, to protect transactions for more than 2bn active card accounts.
Present in the region since 1995, FICO has more than 170 clients in 24 countries in Latin America. The company's regional operations are based in Brazil.