Nestor to Help National Australia Bank to Fight Fraud

NestorCommerce, a division of Nestor Inc, in conjunction with alliance partner ACI Worldwide, announces the licensing of its PRISM risk management solution to National Australia Bank ("the National") for its operations in Australia and New Zealand. The National will use PRISM to monitor ATM and POS transactions for credit card fraud.

Since its inception in June, PRISM has already saved the National roughly A$2 million through the early detection of credit card fraud. Credit card fraud in Australia is growing at more than 30 percent per year and is expected to be on the increase throughout the Sydney Olympic Games.

According to George Beatty, General Manager Global Cards - Australia, the response from customers has been positive. "PRISM offers the National an advanced fraud-detection system that identifies subtle patterns of fraudulent behavior by comparing individual card and account usage with known patterns of fraud. When a suspicious transaction is found, the transaction is flagged for prompt and appropriate action. This allows the bank to block cards and save credit lines before they are lost," he said.

"We are happy to have been selected by National Australia Bank to provide this world-class solution," said Sushmito Ghosh, president of NestorCommerce. "The National is a major player in the Australian banking industry. We are pleased to be able to partner with them and to begin to establish a market presence in the region.

PRISM Credit is a proactive credit, commercial and retail (private-label) card fraud detection and case management solution. The system monitors transactions using a combination of rules-based strategies and neural network software to detect fraud. A Windows-based case management workstation provides fraud analysts with comprehensive transaction and account information, so that they can take informed fraud prevention actions.

About NestorCommerce

NestorCommerce is a division of Nestor Inc, a leading provider of intelligent decision-support solutions for the financial services and e-commerce industries. Nestor's client/server products incorporate innovative pattern- recognition technologies ideally suited for data-intensive, real-time decision applications. The company's products provide predictive fraud detection and case management for e-commerce fraud, credit, debit, retail and commercial card fraud, as well as merchant fraud, money laundering and customer relationship management. Nestor products are sold direct and by selected partners worldwide. For more information, call 401-331-9640 or visit www.nestor.com.

Contact Nestor Inc, Tom Spillane, 401-331-9640, tspillane@nestor.com.