SAS intros new card fraud detection system

MUMBAI, INDIA: Business intelligence and analytical software provider SAS has launched SAS Fraud Management, a card fraud detection system based on its enterprise intelligence platform. SAS has developed the system with HSBC.

The system reviews card transactions, alongside other changes in customer behaviour and gives a real-time decision to proceed with the transaction or seek customer clarification regarding authenticity.

It is currently being implemented in the US by conducting fraud checks on HSBC's US credit card transactions. Using the system, HSBC has improved fraud detection, false positive rates and fraud case handling efficiencies.
In the first three months of implementation HSBC saw 87 per cent increase in the number of data items processed, including card transactions and customer information, with a corresponding reduction of 12 percent in the mainframe processing overhead.

HSBC, which is using SAS Fraud Management as the exclusive transaction fraud solution, across its US credit card operations will also deploy it in the UK and Asia.

“In a constantly changing fraud environment, SAS technology helps us keep ahead of criminals. We believe the SAS solution takes us a significant way forward in our fight against fraud,” said Derek Wylde, Head of Group Fraud Risk, HSBC.

“SAS Fraud Management enables banks to continually adapt to the ever-changing fraud situation in order to improve the protection of banks, businesses, and customers. This system could revolutionise how the industry tackles fraud now and in the future,” said Jim Goodnight, CEO of SAS.