Fifth Third Bank Processing Solutions, the e-payment processing division of Cincinnati-based Fifth Third Bancorp, is implementing technology from UK-based Retail Decisions (ReD) to detect ATM, credit and debit card fraud.
The firm has signed a five year agreement for ReD's Prism neural network technology, with options to extend for at least five additional years.
In addition to detecting fraud on its own cards, the Fifth Third unit will also provide the Prism technology as a service to the bank's 1350 partnering financial institutions.
ReD says the Prism software will provide predictive fraud detection for credit, debit and private label cards as well as for retail fraud and money laundering.
A Windows-based case management system will enable users to review alerts, define and manage investigation steps and work queues and initiate fraud-control actions.
Carl Clump, chief executive of ReD says the technology "provides our clients with a significant advantage in detecting and preventing fraud as it evolves and migrates on a minute by minute, second by second basis".
Financial terms of the deal were not revealed.