BackBRIGHTERION and HP Financial Services
SAN FRANCISCO - December 19, 2004
HP Financial Services and Brighterion today announced a partnership that will enable the companies to work together to bring Brighterion’s state-of-the-art fraud prevention solutions to financial services institutions worldwide.
As global fraud losses continue to increase, banks, credit card issuers, and processors are targeting fraud prevention as a key priority. Credit card fraud for U.S.-based credit cards is projected to cost financial institutions more than $25 billion by the end of 2003. According to Meridien research, global fraud losses are expected to reach $55 billion dollars by 2005, with online transaction fraud as the fastest growing segment of card fraud. This type of fraud has increased at the rate of 100% per year since 1998.
Brighterion’s iPrevent fraud prevention technology represents a new approach to fighting fraud. iPrevent brings to market the first self-correcting fraud prevention solution – using its proprietary Smart-Agent technology - allowing customers to detect new types of fraudulent behavior as it occurs. With this unique ability to dynamically identify new fraud, iPrevent gives customers a real-time prevention tool, without the cost of major installation and integration initiatives. Using iPrevent technology, financial institutions, processors, and merchants create highly customized fraud models that surpass industry norms for accuracy and dramatically reduce false positives.
“Given HP Financial Services global presence and experience in the financial services marketplace, we view this partnership as a key step forward for Brighterion.” said Jonathan Maslow, Brighterion Senior Vice President. “We value HP’s ability to offer strategic and tactical solutions to financial institutions and we look forward to working closely with the HP team.”
Bob Lyons, HP’s Director for Global Consumer payments strategy adds: “Worldwide fraud has increased dramatically in both the physical and virtual worlds due to the emergence of new channels – While everyone saw the technology changes coming the back end systems and the banking rules to address them could not adapt fast enough and as a result fraud control is now on everyone’s radar screen. We are excited about this new partnership with Brighterion and their fraud detection technology. “
About HP Financial Services
"HP is the industry leader in processing consumer payments for both the virtual and physical worlds with over 80 % of all ATM and 66% of all POS transactions worldwide being processed by HP servers. HP partners provide a full range of payment solutions including fraud detection and prevention.” For more information, please visit: http://www.HP.com/
About Brighterion
Founded in 2000, Brighterion™, Inc. is the new leading provider of fraud prevention,
identify theft protection and anti-money laundering solutions for the financial,
insurance, healthcare, and e-commerce industries. Brighterion offers three products:
- iPrevent™:
Fraud Prevention and Identity Theft Protection,
- iComply™:
International Compliances (Offac, Interpol, FBI, Patriotic Act, TracFin,
Europe,
- iProtect™:
Anti Money Laundering Detection.
The core technology represents more than 500 person/years
of development started in 1991.
For more information,
please visit us : www.Brighterion.com
