CyberCash Launches FraudPatrol Internet Fraud Detection Service; Service Utilizes Proven Technology and Vast Transactions Database.Business Editors/Hi-Tech Writers RESTON, Va.--(BUSINESS WIRE)--July 26, 2000 FraudPatrol Addresses No.1 Concern of Online Merchants, CyberCash Survey Shows CyberCash, Inc. (Nasdaq:CYCH), the world's leading provider of electronic payment technologies and services, announced today that FraudPatrol(TM), an innovative Internet fraud A crime in which the perpetrator develops a scheme using one or more elements of the Internet to deprive a person of property or any interest, estate, or right by a false representation of a matter of fact, whether by providing misleading information or by concealment of detection service, is now available. FraudPatrol is an intelligent and powerful offering powered by a patented 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 solution and proven profiling technology developed by 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. FraudPatrol is based upon technology that has been used by large credit card issuers for nearly a decade, and is currently in use by nine of the top 10 issuers. With HNC's eFalcon(TM) Internet fraud detection solution as its engine, FraudPatrol adds tight integration with CyberCash's Internet payment service See Web payment service. , a secure application programming interface, and advanced administrative tools. FraudPatrol is available to both current CyberCash merchants and merchants who are not currently using CyberCash's Internet payment service. The FraudPatrol service works by analyzing more than 200 transaction factors to produce a real-time fraud score for each credit card transaction. The system becomes smarter with experience - the more transactions it scores, the more information is stored for scoring future transactions, and the more fraud patterns FraudPatrol will detect. The system was built from a database enhanced by billions of transactions, including 60 million Internet transactions. James J. Condon, President and Chief Executive Officer of CyberCash said, "FraudPatrol is an important new service for CyberCash, and our partnership with HNC Software allows us to bring truly world class fraud protection technology to merchants. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a survey we conducted of more than 1,300 Internet merchants, 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. is the biggest problem facing online merchants today. Online merchants have always known that security and reliability are critical issues to consumers. Now they are recognizing the need to protect themselves from credit card fraud. FraudPatrol meets this need easily and efficiently." A recent Gartner survey showed that Internet merchants "suffer from fraud that is 12 times higher than it is in the physical world; incur the costs of all disputes and fraud resulting from Internet sales; and pay discount rates to the credit card companies that are 66 percent higher than physical world fees." The Gartner survey concluded: "The bottom line is that e-tailers are getting hit from all sides." Avivah Litan, Research Director of Gartner 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. , said: "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 on the Internet are taking their toll on retail Web sites. Advanced neural networks combined with proven profiling technology is one of the most cost-effective ways for e-tailers to prevent credit card fraud." Details about FraudPatrol can be found online at www.cybercash.com/fraudpatrol/. This site contains a Fraud Detection Resource center that includes a white paper titled, Internet Fraud Detection 101: Reducing Fraudulent Transactions. Merchants can also use a fraud detection ROI (Return On Investment) The monetary benefits derived from having spent money on developing or revising a system. In the IT world, there are more ways to compute ROI than Carter has liver pills (and for those of you who never heard of that expression, it means a lot). calculator calculator or calculating machine, device for performing numerical computations; it may be mechanical, electromechanical, or electronic. The electronic computer is also a calculator but performs other functions as well. to estimate the savings to their businesses from using the FraudPatrol service. About CyberCash CyberCash, Inc., is the world's leading provider of Internet payment services and electronic payment software. The company uniquely provides services to more than 25,000 Internet merchants and has shipped more than 145,000 copies of its software products. CyberCash offers the broadest reach in the payment industry with a comprehensive distribution network that includes direct and indirect sales as well as marketing partnerships with financial institutions, Internet service providers Internet service provider (ISP) Company that provides Internet connections and services to individuals and organizations. For a monthly fee, ISPs provide computer users with a connection to their site (see data transmission), as well as a log-in name and password. , application service providers, storefront solution providers and leading independent software vendors. For more information, please visit www.cybercash.com. |
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