The Neiman Marcus Group to Pilot Patent-Pending Fraudnet™ from The 41st Parameter
Leading Retailer Pilots Covert Fraud Prevention Solution to Protect Customers from Identity Theft and Online Fraud
SCOTTSDALE, Ariz. – February 22, 2006 – The 41st Parameter, a leader in covert fraud detection and prevention for the online channel, today announced an agreement with The Neiman Marcus Group to pilot its proprietary FraudNet™ technology, a solution designed to pinpoint fraudulent versus legitimate eCommerce transactions. The agreement was signed in December 2005 with the pilot implementation beginning in the first quarter of 2006. Additional details of the agreement were not disclosed.
The Neiman Marcus Group will leverage the technology in its Direct Marketing segment, which is responsible for online operations for NeimanMarcus.com, Horchow.com and BergdorfGoodman.com. The Company elected to pilot FraudNet based on its unprecedented accuracy rates with another large online retail aggregator, and its ability to reduce false positives while building efficiencies into the investigative process.
“We are very excited about this technology,” said Peter Pouridis, director of loss prevention for Neiman Marcus Direct. “Our customers can enjoy the same outstanding online experience they have come to expect from Neiman Marcus since the FraudNet solution is completely transparent to end users. We believe this technology will help deter fraudulent activity without disrupting the flow of business as we continue to grow our online operations.”
FraudNet leverages several patent-pending technologies to enable investigative teams to focus on suspect orders while significantly reducing false positives: EZKeys™ detects strings of keystrokes with low typing effort; DataSpider™ links seemingly unrelated fraudulent orders based on common data elements; and TimeDiff Linking™ detects repeat offenders from the same PC while quickly containing threats posed to more than one transaction. Combined to calculate more than 260 separate algorithms, the unique technology in FraudNet has been proven to deliver unprecedented accuracy rates in the risk management and fraud detection industry.
“We are excited to work with Neiman Marcus to help further secure the online environment for their customers and their business,” commented Ori Eisen, founder and CEO of The 41st Parameter. “Our covert technology is field tested and proven, and we are confident it will help positively impact their bottom line.”
About The 41st Parameter
As the pioneer of covert, online fraud detection and prevention technologies, The 41st Parameter offers highly accurate, non-intrusive fraud control measures for the online channel. By continuously collecting new and unique parameters from end-user computers during online account access, the Company’s patent-pending technologies enable forensic identification of devices to monitor suspicious or fraudulent account activity and help protect sensitive customer data. The 41st Parameter’s products have “zero imposition,” requiring no action or behavior change on the part of the consumer. For more information, please visit www.the41.com.
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