Fair, Isaac Partners With EDS To Detect Fraud And Abuse In Eastern States Medicare ClaimsSAN RAFAEL, Calif. - March 27, 2003 - Fair, Isaac and Company, Incorporated (NYSE:FIC), the leading provider of analytics and decision technology, today announced that global technology services company EDS has selected the Fair, Isaac Payment Optimizer solution to provide fraud detection services for the Eastern Medicare Benefit Integrity Support Center (EA-BISC). The EA-BISC was established by the Centers for Medicare and Medicaid Services (CMS) to identify and deter Medicare fraud and abuse in Eastern states including New York and New Jersey. As the prime contractor, EDS will apply the predictive analytic capabilities of Fair, Isaac's Payment Optimizer solution to help detect fraudulent and abusive patterns earlier and more accurately in the EA-BISC's claims review process. Specifically, the solution will support the EA-BISC in achieving its mission to reduce the number of fraudulent or abusive claims submitted, develop quality fraud cases for referral to the Office of Inspector General and other law enforcement agencies, and develop and validate methodologies for the early detection and prevention of fraudulent schemes and abusive use of services. "We chose Fair, Isaac to be a member of our team because their fraud detection technology is the industry-leading solution with a track record of accurately identifying suspicious claims," says Al Edmonds, president, EDS U.S. Government Solutions. "Fair, Isaac's Payment Optimizer solution has identified millions of dollars worth of fraudulent claims for EDS clients, and Fair, Isaac continually works to improve its detection capabilities, adapting its system as the dynamics of fraud develop and change over time." "This agreement is one more step toward our mutual goal of supporting one of the nation's leading law enforcement priorities - fighting healthcare fraud," said Steve Biafore, vice president of Insurance Solutions at Fair, Isaac. "Today, most claims are legitimate and most providers have no intention of defrauding the system. But as more claims are transmitted electronically, there will be increased opportunity for technology-savvy individuals to launch new, more sophisticated fraud schemes. The Payment Optimizer solution has the capabilities to differentiate between actual fraud and mere errors, and to detect new schemes quickly, before significant losses occur." Fair, Isaac Payment Optimizer is designed to detect fraud in Medicaid and Medicare programs, as well as commercial health plans. Fraud and abuse continues to be a major concern to the healthcare industry, costing the nation as much as $100 billion a year according to the U.S. General Accounting Office. Medicare loses an estimated $17 billion a year to fraud and abuse. About Fair, Isaac: Fair, Isaac (NYSE:FIC) is the preeminent provider of creative analytics that unlock value for people, businesses and industries. The company's predictive modeling, decision analysis, intelligence management, decision management systems and consulting services power more than 25 billion mission-critical customer decisions a year. Founded in 1956, Fair, Isaac helps thousands of companies in over 60 countries acquire customers more efficiently, increase customer value, reduce fraud and credit losses, lower operating expenses and enter new markets more profitably. Most leading banks and credit card issuers rely on Fair, Isaac solutions, as do insurers, retailers, telecommunications providers, healthcare organizations and government agencies. Through the www.myFICO.com Web site, consumers use the company's FICO (R) scores, the standard measure of credit risk, to manage their financial health. As of August 5, 2002, the business of HNC Software Inc., a leading provider of high-end analytic and decision management software, is part of Fair, Isaac. For more information, visit www.fairisaac.com. About Fair, Isaac Global Strategic Relationships: Fair, Isaac's Global Strategic Relationship (GSR) program provides businesses worldwide with opportunities to enrich and empower their business solutions, products and services by leveraging Fair, Isaac's high-powered analytics and decision management software. Fair, Isaac partners are visionary companies with deep business domain and technology expertise in industries including financial services, insurance, retail, telecommunications, healthcare and government. Fair, Isaac also seeks alliance partners to extend its proven critical decision technologies into pharmaceutical, utility and manufacturing industries. For more information, contact Lee E. Martin, Vice President, GSR, at gsr@fairisaac.com or visit www.fairisaac.com and go to Partners. Forward-Looking Statements: Except for historical information contained herein, the statements contained in this press release that relate to Fair, Isaac, including statements regarding the future performance of the Fair, Isaac Payment Optimizer solution, are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including the company's ability to recruit and retain key technical and managerial personnel, the maintenance of its existing relationships with key alliance partners, its ability to continue to develop new and enhanced products and services, competition, regulatory changes applicable to the use of consumer credit and other data and other risks described from time to time in Fair, Isaac's SEC reports, including its Annual Report on Form 10-K for the year ended September 30, 2002, and Form 10-Q for the period ended December 31, 2002. If any of these risks or uncertainties materializes or any of these assumptions proves incorrect, Fair, Isaac's results could differ materially from Fair, Isaac's expectations in these statements. Fair, Isaac disclaims any intent or obligation to update these forward-looking statements. Fair, Isaac, HNC and FICO are trademarks or registered trademarks of Fair, Isaac and Company, Incorporated, in the United States and/or in other countries. Other product and company names herein may be trademarks of their respective owners. Contact: Investors/Analysts: Debbie McGowan Fair, Isaac (415) 492-5309 dmcgowan@fairisaac.com Media: Angela Carlson Fair, Isaac (415) 492-5373 acarlson@fairisaac.com |