Magazine article American Banker

Canada Trust Co. Signs Pact to Use HNC System for Fighting Card Fraud

Magazine article American Banker

Canada Trust Co. Signs Pact to Use HNC System for Fighting Card Fraud

Article excerpt

HNC Software Inc., one of the country's largest suppliers of neural networks to financial institutions, has continued to broaden its base internationally, signing a multiyear contract with Canada Trust Co.

The London, Ontario, trust company will install HNC's neural network-based system - called Falcon - to help reduce fraud in its credit card division. Although HNC has contracts with financial institutions in the United Kingdom, Germany, and the Netherlands, this is the San Diego-based software company's first Canadian customer.

"Credit card fraud is a serious and growing concern in Canada and throughout the industrialized world," said Laurie Wiles, the vice president of credit card services at Canada Trust, in a prepared release. "Falcon is considerably faster, more comprehensive, and more powerful than anti-fraud measures currently used in Canada."

The neural network technology employed by Falcon gives the client-server based system the ability to discern patterns and, in effect, learn which transactions most clearly characterize fraud.

These advanced systems have been embraced by some of the largest American credit card issuers, including AT&T Universal Card, Household Credit Services, Colonial Bank, and First USA Bank. The system monitors more than 70 million credit card accounts for 24 U. …

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