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News Releases
Early Warning Expands Its Ownership
Capital One to Acquire Equity Position in Early Warning Services Joining Bank of America, BB&T, JPMorgan Chase, and Wells Fargo
April 28, 2011 Scottsdale, AZ – Early Warning Services (“Early Warning”), a leader in fraud prevention and risk management, announced today that Capital One, N.A. (“Capital One”), a subsidiary of Capital One Financial Corporation (NYSE:COF) headquartered in McLean, VA, has acquired a minority equity position in the Company. Capital One joins leading financial services organizations Bank of America, BB&T, JPMorgan Chase, and Wells Fargo as an owner of Early Warning.
Capital One’s investment in Early Warning brings the addition of a strategic partner who shares its vision to fight fraud in the financial services industry. In the past year, Early Warning extended its traditional focus of detecting and preventing deposit related fraud, by developing new solutions to address both mortgage and credit card fraud. As a top ten bank and top five credit card issuer, Capital One’s expertise will be instrumental in guiding Early Warning in these markets.
“Capital One is a great strategic fit and a perfect partner for us to move forward with”, said Paul Finch, CEO of Early Warning Services. “We were looking for a partner that would not only make sound business sense but one that also shares the culture and values that Early Warning holds at its core and we found that partner in Capital One. We are delighted that Capital One recognizes our vision and the success of our business model and we believe the expanded ownership structure will significantly enhance the strength and capabilities of the Company.”
About Early Warning Services
Early Warning Services® is a recognized leader in fraud prevention and risk management and is owned by five of the country's largest and most respected banks. Those institutions — as well as hundreds of other financial services organizations across the country — exchange information and knowledge to obtain a single view of fraud activity across the enterprise and manage fraud on a cross-institution basis. Early Warning facilitates this secure exchange between these organizations and offers solutions for responding quickly to evolving fraud challenges. For more information, please visit www.earlywarning.com.
About Capital One
Capital One Financial Corporation (www.capitalone.com) is a financial holding company whose subsidiaries, which include Capital One, N.A. and Capital One Bank (USA), N. A., had $122.2 billion in deposits and $197.5 billion in total assets outstanding as of December 31, 2010. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients. Capital One, N.A. has approximately 1,000 branch locations primarily in New York, New Jersey, Texas, Louisiana, Maryland, Virginia and the District of Columbia. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol "COF" and is included in the S&P 100 index.