UC Card Of Japan Selects Nestor's PRISM To Protect Against Credit Card Fraud
Nestor, Inc. has announced that UC Card has licensed PRISM Credit, Nestor's fraud detection system, to protect over $18 billion that is charged annually by its more than 13 million credit card customers. PRISM was chosen by UC Card, the third largest credit card issuer in Japan, through Nestor's strategic partnership with CSK Corporation.
"We chose Nestor's transaction-level fraud protection system based on the company's technology and success in our market," said a Manager of Security and Risk Management Department at UC Card. "We firmly believe that the technology and Nestor's custom modeling approach will provide UC Card and our cardholders with an exceptional level of fraud protection. Nestor's proven success in the Japanese market further validates their technology and expertise in addressing fraud issues worldwide."
PRISM Credit is an intelligent risk management system that provides early and accurate credit card fraud detection by identifying suspect activity. Unlike most other fraud products, Nestor creates a customized model built from the institution's own customer transactions. The system automatically adapts to new and altered patterns of criminal behavior before fraud losses multiply. Each bank card transaction is routed through a neural network scoring engine which compares the current transaction with previous cardholder transactions, as well as activity across an entire portfolio. The system then produces a fraud score that reflects the likelihood that the transaction is fraudulent. High scoring transactions are routed to a fraud reviewer who can quickly analyze suspect transactions without inconveniencing credit card clients.
"UC Card's recognition of PRISM as the best-of-breed solution for credit card fraud protection is a testament to the value our patented neural network technology brings to the card issuer," said Sushmito Ghosh, Executive Vice President at Nestor. "In our work with another Japanese credit card issuer, we were able to reduce the average loss per fraud incident by almost 47%, and reduce the average number of days between card loss and confirmation from 12 days to five days. We expect to enjoy similar success with UC Card."
Nestor's PRISM fraud protection systems for credit and debit cards are currently deployed in more than 25 locations around the world, including Bank of America, Bank of Nova Scotia, Bank One, Dayton Hudson, Europay, Honor Technologies, M&I Data Services, Mellon Bank, Nippon Shinpan (NICOS), and Total System Services.
Since its founding in 1968, CSK has occupied a prominent position in the Japanese information services industry. CSK offers services for systems integration, networking, out-sourcing, entertainment and many others. SEGA Enterprises Ltd., a CSK Group member company, is the world's leader in high-tech entertainment. More information can be obtained via CSK's web site at http://www.csk.co.jp.
Founded in 1983 and headquartered in Providence, RI, Nestor, Inc. is a leading provider of intelligent decision-support solutions for the financial services industry. Nestor's client/server products incorporate innovative pattern-recognition technologies ideally suited for data-intensive, mission-critical decision applications in real-time environments. The company's products for financial institutions support fraud detection and case management for credit, debit, retail and commercial card fraud, as well as Internet and merchant fraud; bankruptcy prediction; and customer relationship management. Nestor products are sold direct and by selected partners worldwide. Through its subsidiary, Nestor Traffic Systems, Inc., the company also applies its technologies to a suite of video-based intelligent transportation systems that promote enhanced traffic management and improved safety. For more information, call 401-331-9640 or visit http://www.nestor.com.