HNC Software Inc. announced Monday a further agreement with HSBC Holdings plc, one of the largest financial service organizations in the world. As part of the new agreement, HSBC will further use HNC’s Falcon, the leading bank card fraud detection system, to bolster its already strong fraud detection systems to protect its credit and debit card account customers worldwide.
“We’re pleased to be amplifying our partnership with HSBC, a global banking powerhouse,” said John Mutch, chief executive officer of HNC Software.
“We chose to expand our relationship with HNC due to the considerable success Falcon has brought us in reducing fraud losses,” said Brendan Cook, who heads HSBC’s Group Cards businesses. “We now have Falcon deployed across four continents to protect our global cards business and we now wish to go even further to strengthen our defenses against fraud.”
Falcon, a neural network-based predictive software system that examines transaction, cardholder, and merchant data to detect a wide range of payment card fraud, currently protects more than 400 million payment card accounts worldwide. The system employs the world’s largest consortium of payment card transactions to accurately predict the likelihood of fraud. Eighty-five percent of all US credit card transactions, and 65 percent of all international credit card transactions flow through HNC’s predictive neural networks every day.
Headquartered in London and possessing assets of $674 billion (US) as of December 31, 2000, HSBC serves more than 25 million customers through its international network of 6,500 offices in 79 countries and territories in the Asia-Pacific region, Europe, the Americas, the Middle East, and Africa. With listings on the London, Hong Kong, and New York stock exchanges, shares in HSBC Holdings are held by some 190,000 shareholders in more than 100 countries and territories. Through a global network linked by advanced technology, HSBC provides a comprehensive range of financial services; personal, commercial, investment, and private banking; trade services; cash management; treasury and capital markets services; insurance; consumer and business finance; pension and investment fund management; trustee services; and securities and custody services.
About HNC Software Inc.
HNC Software is a leading provider of Customer Insight solutions including intelligent response, decision management, and customer analytics software that enables companies in the financial, telecommunications, e-commerce and insurance industries to acquire, manage and retain customers.Details