Nestor, Inc. today announced that, through its partnership with CSK Corporation, Nippon Shinpan Co. (NICOS), a leading credit card issuer in Japan, has selected PRISM CardAlert to protect its credit card portfolios.
! The PRISM system utilized by NICOS is an enhanced version of Nestor’s neural network-based fraud detection system, co-developed by CSK and Nestor. Designed as an on-line system to detect fraud immediately after the authorization transaction process, the system monitors all transactions in NICOS’s credit card portfolios.
“We are very pleased with the implementation of the PRISM system,” said Teiichi Shimada, Director and General Manager of NICOS Credit Administration Division, also in charge of Fraud Control. “It is widely reported that the Japanese market is being targeted by international counterfeit syndicates. PRISM allows us to apply our vast knowledge of card fraud and customize the system using our own experiences. We believe the installation of PRISM will greatly enhance our fraud risk control.”
“NICOS has selected one of the most advanced fraud detection systems presently available,” said Shozo Hirose, General Manager of CSK Corporation. “With the combined abilities to score all incoming transactions and to apply user-defined rules, the system can detect fraudulent transactions immediately, possibly before the criminal leaves the shop.”
In March 1997, Nestor announced that CSK, a preeminent company in the Japanese software services industry, was selected as an authorized distributor of PRISM in Japan. Under the terms of the agreement, CSK is authorized to resell Nestor’s complete line of neural network-based risk management solutions.
“We are pleased to provide PRISM to a leading card issuer like NICOS,” said Sushmito Ghosh, Vice President of Financial Solutions at Nestor. “We look forward to continuing to partner with CSK to bring our technology to bear on the risk concerns of other Japanese institutions. This installation further solidifies PRISM a premier solution in combating international card fraud.”
PRISM provides early and accurate fraud detection by identifying fraudulent activity and adapting to new and altered patterns of criminal behavior before losses multiply. PRISM allows fraud managers to define and manage investigation steps and queues, electronically review alerts, take immediate action and track the effectiveness of all account-monitoring activities.
Other Nestor clients include Bank One, General Electric Capital Consumer Financial Services, Mellon Bank, Total System Services and Applied Communications, Inc. (ACI). Additionally, through Nestor’s partnership with Europay International, organizations utilizing PRISM technology include Barclays Bank, BankCard Company from Belgium, Bank of Ireland, and other leading European institutions.
NICOS, officially Nippon Shinpan Company, Ltd., founded in 1951, is the leading consumer credit company in Japan. NICOS is also one of the largest credit card issuers in the nation with more than 20 million cardholders.
Since its founding in 1968, CSK has occupied a prominent position in the Japanese information services industry. CSK and CSK Group offer services for systems integration, networking, multimedia, 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 .
Nestor, Inc., headquartered in Providence, R.I., 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 support fraud detection and case management for credit, debit, retail and corporate card fraud, as well as merchant fraud; bankruptcy prediction, and Internet customer support applications. More information can be obtained via the company’s web site at .