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Superior Pattern Discovery Software Sharply Outperforms Competition in Live Data Analysis; Visual Analytics' Leading Pattern Discovery Software is Key To Bid for Korean Advanced Fraud Detection System.

POOLESVILLE, Md. -- POOLESVILLE, Md., Jan. 6 /PRNewswire/ -- Visual Analytics, Inc. announced that it was part of the winning team selected to support the Korean FSS (Financial Supervisory Services) in the construction of a large-scale insurance fraud detection system. FSS supervises, examines, investigates and enforces integrity within the Korean financial industry including banks, securities firms, brokerage houses, and insurance companies. Visual Analytics teamed with the LG-CNS / Solutionmart consortium to win the bid.

The FSS conducted a thorough and competitive evaluation, on live data, using the leading link analysis solutions proposed by the bidding teams. Based on the results, FSS found the solution utilizing the VisuaLinks system to be the best because its advantages aligned well with the agency's key judging criteria. VisuaLinks was best for total life-cycle costs and foreign language support, and was clearly superior to the other systems in pattern discovery ability, which is critical to the FSS operation.

Under the scope of this project, the team will build a data warehouse of insurance claims from over 40 insurance companies operating throughout Korea and utilize the VisuaLinks pattern discovery system to detect insurance frauds. The new system is scheduled to become operational in the fall of 2003.

A Visual Analytics spokesperson stated, "This win with FSS also reflects the highly successful completion of the anti-money laundering project for Korea FIU (Financial Intelligence Unit), which relied on our VisuaLinks software. FSS has also recognized that VisuaLinks is the most capable system because it addresses the entire analytical process and provides a comprehensive analytical environment to provide pattern detection.

"VisuaLinks' superior pattern discovery capabilities are based on industry-leading analytical techniques, approaches and tools, including its virtual data warehouse capability which cuts implementation times from months to hours. We have also pioneered new data sharing and collaborative features that are critical to the FSS system.

"VisuaLinks version 2.0 will be released in 1Q03, further strengthening its lead as the most advanced, proactive, analytical pattern detection software available in the marketplace." The spokesperson continued, "For law enforcement, national security, fraud detection and financial crime investigators, no other system provides a comparable, proactive pattern discovery capability."

About Visual Analytics, Inc.

Founded in 1998, Visual Analytics, Inc. (VAI) is a privately-held company based in the Washington, DC metropolitan area focused on Superior Pattern Detection. VAI serves a wide-range of markets dealing with complex data analyses and data mining issues. VAI has created a suite of advanced tools called Data Clarity, including VisuaLinks(TM) and the Digital Information Gateway, which are used to search, manipulate, structure, and present data for analysis. More information on VAI can be found at .

CONTACT: Bruce Ferber, of Visual Analytics, Inc., +1-301-407-2200 x106

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Publication:PR Newswire
Date:Jan 6, 2003
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