Sterling Commerce Software Implemented by Major New York Bank To Combat Fraud and Reduce Check Kiting Losses.Business Editors
ADDISON, Texas--(BUSINESS WIRE)--May 23, 2001
SBC (1) (SBC Communications Inc., San Antonio, TX, www.sbc.com) A large, national telecommunications company that grew from a multitude of local and regional companies, including Southwestern Bell, Pacific Bell and Nevada Bell, into a single, unified brand by 2002. Communications Inc. (NYSE NYSE
See: New York Stock Exchange :SBC), through its Sterling Commerce Banking Systems Division subsidiary, today announced the licensing of its VECTOR:Kite anti-fraud software by a multibillion dollar New York-based bank holding company.
The bank holding company will use Sterling Commerce's VECTOR:Kite application to more easily identify potential fraud and reduce losses from check kiting, a sophisticated scam (SCSI Configured AutoMatically) A subset of Plug and Play that allows SCSI IDs to be changed by software rather than by flipping switches or changing jumpers. Both the SCSI host adapter and peripheral must support SCAM. See SCSI. involving repeated deposits of bad checks through multiple accounts. Check kiting scams can cost financial institutions millions of dollars if not detected early in the process.
VECTOR:Kite, the centerpiece of Sterling Commerce's VECTOR Fraud Business Solution, is the premier application for data gathering, research and account transaction analysis tools for fraud prevention. The software is designed to help banks more easily detect and prevent both large and small kiting attempts as well as other types of fraud. While helping banks to reduce losses, the software also allows more thorough monitoring of check transaction activity without increasing staff hours.
"VECTOR:Kite has proven to be extremely effective in helping banks detect and prevent check kiting scams, saving tremendous amounts of money and time," said Tim Simeone, vice president of Sterling Commerce's Banking Systems Division. "Customers have reported millions in savings attributable to VECTOR:Kite, including one major bank that reduced annual kiting losses from $12 million dollars to $10,000."
In addition to the obvious direct financial losses from check kiting, there are many substantial hidden costs associated with this crime, including investigations, audits, legal fees, insurance, employee time, training costs, and negative publicity. Nearly 50 major U.S. financial institutions have deployed the Sterling Commerce VECTOR Fraud Business Solution to reduce these losses and costs.
Sterling Commerce Inc. (www.sterlingcommerce.com), is a worldwide leading provider of e-business solutions for businesses of all sizes and their commerce communities. The company provides a comprehensive suite of software and services designed to support the interaction of customers, suppliers, business partners and employees through its e-marketplace, e-business integration and e-business service solutions. The company's Banking Systems Division is the leading provider of critical transaction processing Updating the appropriate database records as soon as a transaction (order, payment, etc.) is entered into the computer. It may also imply that confirmations are sent at the same time.
Transaction processing systems are the backbone of an organization because they update constantly. solutions for major banks and other financial institutions. The division provides financial transaction processing, currency control, reconciliation, e-marketplace, e-business integration and e-business consulting solutions for 85 of the top 100 U.S. banks and other major banks around the world.
Sterling Commerce Inc. is a subsidiary of SBC Communications Inc. (www.sbc.com), a global communications leader. Through its subsidiaries' trusted brands -- Southwestern Bell
Southwestern Bell Telephone, L.P. , Ameritech, Pacific Bell, SBC Telecom SBC Telecom, Inc. (d/b/a AT&T Small Business) is a CLEC owned by AT&T that offers local telephone service outside the AT&T Bell Operating Company regions. It was formed in 1999 following provisions that required SBC Communications to offer telephone service outside its boundaries , Nevada Bell Bell Telephone Company of Nevada was the Bell System's telephone provider in Nevada. It only provides telephone services to 30% of the state, not including Las Vegas, where service is provided by Embarq, formerly Sprint. , SNET n. 1. The fat of a deer.
v. t. 1. The clear of mucus; to blow. and Sterling Commerce -- and world-class network, SBC and its affiliated companies Affiliated Companies
A situation that occurs when one company owns a minority interest (less than 50%) in another company.
Also refers to companies that are related to each other in some way.
An affiliated company is sometimes referred to as a subsidiary. provide a full range of voice, data, networking and e-business services, including local and long-distance voice, high-speed Internet See broadband. access and data transport, voice and data network integration, software and process integration, Web site and application hosting, e-marketplace development, paging and messaging, as well as cable and satellite television, and directory advertising and publishing. In the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , the company currently has 61.3 million access lines and is undertaking a national expansion program that will bring SBC service to the nation's top 50 markets. SBC has a 60 percent equity interest in Cingular Wireless, its joint venture with BellSouth, which serves more than 20 million wireless customers. Internationally, SBC has telecommunications investments in 17 countries and has annual revenues that rank it among the largest Fortune 500 companies.
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