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NESTOR SIGNS AGREEMENT WITH MELLON BANK

 NESTOR SIGNS AGREEMENT WITH MELLON BANK
 PROVIDENCE, R.I., Dec. 4 /PRNewswire/ -- Nestor, Inc. (NASDAQ: NEST)


today announced an agreement with the Mellon Bank, Pittsburgh, to implement a pilot project using the company's credit card Fraud Detection System (FDS). FDS is a mainframe-based application designed to detect fraud in the credit card industry. The major thrust of the system's application is to protect the individual cardholder and the bank against losses due to fraud.
 FDS makes use of Nestor's proprietary neural network architecture to "learn" a cardholder's pattern of credit card use. The system is capable of detecting changes in these patterns that could be indicative of fraud. FDS catches the changes as they begin to occur, providing banks with the earliest possible warning of potentially fraudulent activity. This enables the bank to stop fraud losses before they mount, and protects the cardholder from unlawful credit card use. FDS's ongoing pattern-update ability allows it to be continually vigilant through its proficiency to learn and distinguish new patterns of "unusual" card usage, even as they change over time. A similar system is now in use by a major European processor of credit/debit cards.
 Dr. Douglas Reilly, vice president-financial applications of Nestor, stated, "Mellon Bank has a well-deserved reputation in the banking industry as a leading user of 'cutting edge' technologies in what has become an ever-more competitive marketplace. We are confident that this project will lead to the first domestic installation of FDS, and will prove to the banking industry the efficacy of -- and the need for -- our technology. The system's implementation will result in benefits to both the industry, and, equally important, to the consumer."
 Philip Samson, vice president-portfolio performance manager of Mellon stated, "We are confident that Nestor's technology and experience will greatly aid our efforts to more effectively detect fraudulent activity occurring on our customers' credit cards."
 -0- 12/4/91
 /CONTACT: Douglas Reilly of Nestor, 401-331-9640, Philip Samson of Mellon Bank, 412-234-6350, or Burton Arkin of Arkin Associates, 212-949-7640, for Nestor/
 (NEST) CO: Nestor Inc.; Mellon Bank ST: Rhode Island IN: SU:


TS -- NY012 -- 9029 12/04/91 08:51 EST
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Publication:PR Newswire
Date:Dec 4, 1991
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