National backs Prism for risk management

National backs Prism for risk management

National Australia Bank has licensed ACI Worldwide's Prism merchant risk management software to detect potentially fraudulent transactions coming from merchants via the Internet, EFT/POS or cash.

The system is the second application of Prism by the bank in nine months. In June 2000, the product was introduced to detect credit card fraud for the bank's cardholders.

According to Peter Kempster, the National’s general manager of payments Australia, the Prism merchant software allows the bank to proactively monitor transactions and respond faster to unusual activity. Behaviour that matches known fraudulent patterns is automatically queued for review. The system streamlines the monitoring of approximately two million transactions per day, enabling the National’s staff to effectively detect and prevent fraud.

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