Brighterion Appoints Richard Stiener as Senior Vice President of Business Development

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Feb 02, 2011, 10:45 ET

SAN FRANCISCO, Feb. 2, 2011 /PRNewswire/ -- Brighterion Inc, the leader in adaptive real-time fraud prevention and homeland security intelligence, announced today that Richard Stiener has been named Senior Vice President of Business development.

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Richard C. Stiener began his career with the U.S. Secret Service where he spent 20 years conducting and supervising criminal investigations and protecting U.S. Presidents and Vice Presidents. Afterwards he continued his government service as Chief of the U.S. National Central Bureau of the International Criminal Police Organization (Interpol). During his 11-year tenure as Chief, he oversaw expansion of the program from approximately 3500 investigations a year to over 55,000.

Subsequently, Mr. Stiener was Director of the Office of Special Investigations of the Government Accountability Office (GAO). He testified before the U.S. Congress on matters related to fraud, waste and abuse in government programs. In addition, he emphasized the integration of the audit and investigative functions within the GAO.

Mr. Stiener then moved to the private sector where he was the Head of Investigations for Travelers Insurance and Citigroup. He concluded his career as a Managing Director for Citigroup's Office of Security and Investigations. Within the private sector, he emphasized the need for investigations to positively impact the company's bottom line.

"Richard's expertise in law enforcement and security combined with our unique technology will provide a cornerstone for our future direction," said Dr. Akli Adjaoute, Brighterion's President and CEO. "His strong leadership skills and forward thinking business style will help us propel Brighterion into a position of market leadership."

"It is important to have Richard a part of our Brighterion team at this time", said Raymond Kendall, Brighterion's Executive Chairman and former Secretary General of INTERPOL. "As he has in his past associations, he will prove to be a positive factor in our continuous quest for market superiority."

"I am pleased to be part of Brighterion at such an important and exciting time", said Stiener. "Brighterion has a tremendous opportunity in delivering unique adaptive real-time fraud prevention and homeland security intelligence."

Losses due to criminal activity directly affect the profits of financial institutions. Existing solutions fail to efficiently prevent fraud because they score transactions using the same logic for all cardholders and merchants! They have a poor fraud detection rate and a high false positive rate. They are also outdated as soon as they are released because they lack the ability to adapt to new fraud schemes.

The Brighterion team has created a unique solution that evaluates in real-time behaviors specific to each individual cardholder or merchant which result in high detection and an extremely low false positive.

Additionally, iPrevent's unique self-adaptive ability allows models to learn and make effective changes at runtime and therefore, is the only product on the market with the ability to identify and stop, in real-time, previously unknown fraud schemes.

About Brighterion

Established in San Francisco in 2000, Brighterion Inc is committed to the prevention of fraud before it occurs within transaction environments. Utilizing state-of-the-art artificial intelligence technologies, the company provides the first adaptive real-time fraud prevention solution for the commercial marketplace (acquirer, issuer, credit, corporate, debit and prepaid card fraud, check fraud, mobile payment fraud, etc.) Additionally, iPrevent is successfully used for compromised account detection and delinquency prediction by financial services, retailers, healthcare, insurance and mobile payments.

For more information about Brighterion, please visit www.brighterion.com or call (415) 986 5600.

Note to Editors: Brighterion and iPrevent are registered trademark of Brighterion Inc. Other brands and products are trademarks of their respective owners.

SOURCE Brighterion Inc