Strategic Relationship with Industry Expert Dr. Micci-Barreca from Elite Analytics Extends Clients` Ability to Predict and Prevent Future Fraud Attacks
SCOTTSDALE, Ariz. and AUSTIN, Texas - April 3, 2006 - The 41st Parameter, a leader in covert fraud detection and prevention for the online channel, and Elite Analytics, LLC, a data analytics and compliance consulting firm, today announced a strategic relationship to integrate their capabilities into a robust online fraud detection and prevention solution for merchants and financial institutions. The partnership unites patent-pending technology and industry expertise from The 41st Parameter with a renowned authority on compliance, analytics and data mining for the online channel, Dr. Daniele Micci-Barreca. Currently principal at Elite Analytics, Dr. Micci-Barreca was former senior director of fraud solutions at ClearCommerce Corporation.
"Our missions and expertise are the perfect complement to one another as we team up to help online organizations fight fraud," said Dr. Micci-Barreca, principal at Elite Analytics. "Adding data mining and analytics to a covert detection system exponentially magnifies our ability to predict and plan for new attacks. And the combination of our core strengths will help better protect merchants and banks from evolving threats so they can focus on their business while delivering on the promise to safeguard consumers."
Through the partnership, Dr. Micci-Barreca and his team will use their expertise in data mining, applied statistics and predictive modeling to help extend clients` ability to understand, analyze and predict non-compliant and fraudulent behavior. The joint offering is designed to give customers the power to take large volumes of transaction and fraud data and create actionable intelligence from which they can better plan and prepare systems and processes for ongoing enhancements to compliance, security and risk management activities.
The partners have already joined forces on several of The 41st Parameter`s accounts including 2Checkout.com (2CO), an online distribution center for more than 300,000 tangible and digital products and services. 2CO has seen a steady decline in charge-backs since implementing The 41st Parameter`s FraudNetT solution more than six months ago. Now, with additional system performance tuning after Elite`s analyses and modeling, the company has recognized even greater improvements in fraud detection accuracy rates and continued declines in charge-back volumes.
"As merchants and banks continue to build out their online security strategy, it is critical we join forces with the most proficient experts the industry has to offer," commented Ori Eisen, founder and CEO of The 41st Parameter. "Our combined solution will give customers valuable insight on how to fine tune systems and monitor fraud patterns to better predict and prepare for evolving threats. We believe this partnership will create the industry`s most powerful online fraud detection and prevention offering, while helping us to extend our view of trends so we can continually offer the next generation of leading solutions."
About Elite Analytics, LLC
Elite Analytics LLC is an innovative research and consulting firm based in Austin, Texas. The company`s expertise is in exploiting the power of "data driven" analytical methods to help organizations achieve greater efficiencies in their compliance management and security functions. Elite`s capabilities are focused upon helping clients harness their data-rich environments to understand, analyze and predict non-compliant and fraudulent behavior. Collectively, the two principals, Dr. Daniele Micci-Barreca and Dr. Satheesh Ramachandran, have more than 25 years of data mining research and application experience in a wide variety of domains - ranging from tax administration, internet-based commerce, automotive warranty abuse, auto injury claims and more. For more information, please visit www.eliteanalytics.com.
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.