Nestor Inc. said its Prism fraud detection system has been licensed by UC Card, Japan's third-largest credit card issuer.
UC Card has 13 million credit card customers and handles $18 billion in annual charge volume. Its card division will be using Prism Credit, a risk management system designed to identify suspect transaction patterns.
Nestor said the UC Card contract came about through a strategic partnership with CSK Corp., a Japanese information services company.
Sushmito Ghosh, executive vice president of Nestor, said, In our work with another Japanese credit card issuer, we were able to reduce the average loss per fraud incident by almost 47%, and reduce the average number of days between card loss and confirmation from 12 days to five days. We expect to enjoy similar success with UC Card.