Nestor Launches Next Generation PRISM 5.0 Fraud Solution
Nestor, Inc. announced PRISM 5.0, a major enhancement to the Company's fraud detection system for credit, debit, and retail cards. PRISM 5.0 provides card issuers with a solid infrastructure for customized, responsive enterprise risk management, while allowing the institutions to more easily customize the products to their unique fraud detection requirements. In addition, the new version includes a range of new features that provide true, multi-institution fraud detection services, and support Windows NT-based updates to PRISM's built-in fraud risk models. Nestor will demonstrate PRISM 5.0 at BAI's Retail Delivery '99 Conference, Dec. 7-9 in the Miami Beach Convention Center, Booth #583.
PRISM Credit 5.0 and PRISM Debit 5.0 are intelligent and adaptive risk management solutions that utilize a combination of advanced neural networks, predictive transaction risk models, expert rules-based strategies and Windows-based, client/server software to monitor, detect and prevent credit and debit card fraud.
"We've installed PRISM for clients around the world, and have learned that, while card issuers share a common goal of detecting and preventing fraudulent transactions, each organization employs unique methods to achieve this goal," said Sushmito Ghosh, Nestor's executive vice president. "We've redesigned PRISM's underlying core software architecture to provide our clients with a truly open software platform that gives them the power to configure the system to best meet their specific requirements, and to dramatically lower credit and debit card fraud loss."
PRISM 5.0's new software design enables financial institutions to leverage and enhance their enterprise risk management operations. With new add-in modules, institutions can directly interface with their enterprise transaction authorization system, chargeback recovery system, call center and other operations centers. This information exchange across the institution provides a more complete picture of the each customer, and improves the effectiveness of cardholder and merchant account management.
Modules can also be developed to integrate cardholder transaction fraud risk scores and other data with the institution's chargeback recovery system. Personnel working with Visa's or MasterCard's chargeback and retrieval systems can use this information to bolster funds recovery efforts and improve the institution's profitability. Modules can also be developed to route PRISM data, in real-time, to the institution's call center to launch a predictive dialer. Fraud analysts can optimize the effectiveness of their outbound customer communications, and isolate suspicious activity more efficiently.
PRISM 5.0 is based on an open software framework that lets card issuers enhance and re-define PRISM's fraud control "action buttons." For example, with a click of a mouse, users can implement a variety of customized block codes, such as "deny all future authorization requests," from PRISM's "Block" button, or generate a customized letter from the system's standard "Call" button. Other enhancements can be implemented, using Visual Basic, C++, JAVA or any other industry standard Windows-based programming language, to launch an auto-dialer or send card holders a customized e-mail message.
PRISM 5.0 also features complete multi-institution capabilities that meet the unique needs of processors, EFT providers, switches and acquirers. The multi-institution features isolate specific customer data for fraud review and analysis by individual organizations, and enable financial services providers to offer their clients neural network and rules-based fraud detection capabilities from a single scoring and transaction processing facility. Fraud detection services can be added for each client, while limiting each client's access to their own data, maintaining data security.
A range of additional PRISM features have also been added to improve overall system usability, including:
For more information, visit http://www.nestor.com.