Concord EFS Expands Relationship With HNC Software; Selects Falcon Fraud Manager for Debit Cards to Detect Fraud Across Expanded Portfolio.Business Editors & High-Tech Writers SAN DIEGO--(BUSINESS WIRE)--March 11, 2002 Falcon to Provide Fraud Detection Services to Concord's Integrated Signature Debit Card debit card, card that allows the cost of goods or services that are purchased to be deducted directly from the purchaser's checking account. They can also be used at automated teller machines for withdrawing cash from the user's checking account. Processing Platform HNC (HNC Software Inc., San Diego, CA) A software company that specialized in products that detect credit card fraud, manage merchant risk, automate lending decisions and home valuations and manage retail inventories. Founded in 1986 by Robert Hecht-Nielsen and Todd W. Software Inc. (Nasdaq: HNCS HNCS Host Naval Computer System HNCS Host Navy Combat Systems ), a leading provider of high-end analytics and decision management software, today announced that Concord EFS EFS Encrypted File System (Microsoft Windows 2000) EFS Event Free Survival (survival rates in clinical trials) EFS Evangeliska Fosterlandsstiftelsen (Sweden) Inc. has expanded its relationship with HNC by selecting Falcon Fraud Manager for Debit Cards to detect fraud on its integrated signature debit card processing platform. The agreement expands Concord's use of HNC's fraud detection software by awarding HNC the remaining portion of Concord's signature debit card processing portfolio as platform integration occurs -- replacing the current system -- and designates Falcon Fraud Manager for Debit Cards as the company's preferred fraud detection solution. By selecting HNC's debit fraud detection software, Concord can increase consistency across its card processing service. With the unification of the STAR, MAC and Cash Station networks into STAR and the completion of uniform operating rules and pricing to its participants, the decision to offer Falcon Fraud Manager as the preferred fraud detection solution brings the organization one step closer to the completion of its integration. "Selecting Falcon Fraud Manager For Debit Cards is an important component of Concord's tools for managing risk offered through network services," said Ronald V. Congemi, president of Concord's Network Services division. "As we integrate our processing platforms, an additional step is to unify services available to customers for increased efficiency while maintaining outstanding fraud detection." Falcon Fraud Manager For Debit Cards utilizes neural network neural network or neural computing, computer architecture modeled upon the human brain's interconnected system of neurons. Neural networks imitate the brain's ability to sort out patterns and learn from trial and error, discerning and extracting technology to predict the likelihood that a signature -based transaction is fraudulent. The risk-assessment score enables issuers to prioritize pri·or·i·tize v. pri·or·i·tized, pri·or·i·tiz·ing, pri·or·i·tiz·es Usage Problem v.tr. To arrange or deal with in order of importance. v.intr. their investigative resources, focusing on transactions with the highest probability of fraud. "HNC's advanced scientific capabilities can provide industry-leading companies like Concord the ability to make critical, split-second decisions," said Steve Platt, vice president of HNC's risk suite of financial products. "We expect to increase our market share of the debit card industry in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. as HNC continues offering technology solutions competitors are unable to provide." HNC is a leading provider of high-end analytic and decision management software that enables global companies to manage customer interactions by converting data and business experiences into real-time recommendations. HNC Software empowers Global 2000 companies in 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. , insurance, telecommunications, health care, and other industries and governments to make millions of the right mission-critical customer decisions, and take action in real time, substantially improving financial performance, reducing costs and decreasing risk. For more information, visit www.hnc.com. Concord is a leading vertically integrated electronic transaction processor, providing transaction authorization, data capture, settlement and funds transfer services to financial institutions, supermarkets, petroleum retailers, convenience stores The following is a list of convenience stores organized by geographical location. Stores are grouped by the lowest heading that contains all locales in which the brands have significant presence. , restaurants, and other independent retailers. Concord's primary activities include Network Services, providing ATM driving, PIN-secured and signature debit card processing, deposit risk management, and STAR(SM) network access to the financial services industry; and Payment Services, providing credit, debit, check authorization, and electronic benefits transfer processing services to selected retail segments. Concord news releases, links to SEC filings, and other information are available on its corporate Web site at www.concordefs.com. Cautions About Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . This press release contains forward-looking statements about events and circumstances that have not yet occurred. For example, words such as "will," "expects," "believes" or other statements in the future tense future tense n. A verb tense expressing future time. Noun 1. future tense - a verb tense that expresses actions or states in the future future are forward-looking statements. Actual outcomes and results may significantly differ from expectations in this press release due to a number of risks and uncertainties about the future. |
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