Chinatrust Commercial Bank to Fight Credit Card Fraud With PRISM Solution From Nestor and ACI Worldwide.PROVIDENCE Providence, city (1990 pop. 160,728), state capital and seat of Providence co., NE R.I., a port at the head of Providence Bay; founded by Roger Williams 1636, inc. as a city 1832. , RI--(BUSINESS WIRE)--Sept. 20, 1999-- Nestor, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :NEST), in conjunction with its alliance partner ACI ACI American Concrete Institute ACI Arch Coal Inc ACI Airports Council International (formerly Airport Associations Coordinating Council) ACI Automobile Club d'Italia ACI American Competitiveness Initiative Worldwide (Nasdaq:TSAI TSAI Transaction Systems Architects Inc ), today announced the licensing of its PRISM prism, in optics, a piece of translucent glass or crystal used to form a spectrum of light separated according to colors. Its cross section is usually triangular. (R) fraud management system to Chinatrust Commercial Bank, Taiwan's largest private bank. Chinatrust will use PRISM to monitor and control credit card fraud Credit card fraud is a wide-ranging term for theft and fraud committed using a credit card or any similar payment mechanism as a fraudulent source of funds in a transaction. The purpose may be to obtain goods without paying, or to obtain unauthorized funds from an account. . Chinatrust Commercial Bank is the largest credit card issuer in Taiwan and chose PRISM to monitor fraudulent The description of a willful act commenced with the Specific Intent to deceive or cheat, in order to cause some financial detriment to another and to engender personal financial gain. transactions within its portfolio of 1.6 million cardholders. PRISM will integrate with Chinatrust's BASE24 processing engine, from ACI, to offer an integrated solution that acquires, authorizes and switches transactions while monitoring those transactions for fraud. PRISM offers Chinatrust an advanced neural neural /neu·ral/ (noor´al) 1. pertaining to a nerve or to the nerves. 2. situated in the region of the spinal axis, as the neural arch. neu·ral adj. 1. net-based fraud detection system that identifies subtle patterns of fraudulent behavior by comparing individual card and account usage with known patterns of fraud. Transactions are monitored in near-real time or batch environments. When a suspicious transaction is found, it is flagged for prompt and appropriate action. PRISM's ability to recognize fraudulent activity and learn from experience provides a proactive method to reduce losses from fraud. "PRISM enables Chinatrust to offer its cardholders an extra level of fraud protection while efficiently processing their transactions," said Don McLarty, vice president and general director of ACI Worldwide's Asia/Pacific operation. "And since PRISM integrates with Chinatrust's BASE24 system, the bank has the ability to handle increasing transaction volumes generated by its card base while monitoring those transactions for current and emerging fraudulent schemes Noun 1. fraudulent scheme - an illegal enterprise (such as extortion or fraud or drug peddling or prostitution) carried on for profit illegitimate enterprise, racket ." PRISM is supported and distributed around the globe by ACI Worldwide. About Nestor Founded in 1983 and headquartered in Providence, RI, Nestor, Inc. is a leading provider of intelligent decision-support solutions for the financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. 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 www.nestor.com. About ACI Worldwide ACI Worldwide (Nasdaq:TSAI) is helping customers change the way the world works with software products developed for consumer banking, corporate banking, retail and systems solutions. The company maintains operations in the Americas, Europe/Middle East/Africa and Asia/Pacific and is a leading international provider of software for electronic commerce and electronic payments. ACI Worldwide distributed solutions are used by more than 2100 customers in 76 countries. Visit ACI Worldwide on the Internet at www.aciworldwide.com. PRISM is a registered trademark of Nestor, Inc. All other company and product names are trademarks of their respective companies. |
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