HNC Software Inc. has come out with a new version of its Falcon credit card fraud protection system.
The release, Falcon 4.0, meets year-2000 compliance criteria and includes several performance enhancements.
Based on neural network technology, a form of artificial intelligence, to identify and predict fraudulent transactions, the Falcon system is used by 16 of the 25 largest credit card issuers in the world, and a majority of the top 50 in the United States.
Within Falcon 4.0 is Model 2000, an advanced scoring model that HNC said dramatically improves real-time transaction monitoring.
"Our fraud models have always been outstanding performers, so there really has to be a big performance increase for us to be this enthusiastic," said Krishna Gopinathan, vice president of advanced projects. "Under some circumstances, the average U.S. client might see as much as an 80% increase in dollars saved."