Time for more muscle in your fraud detection?

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Almost every day there is a new story of account takeover or cyber criminals draining commercial bank accounts. This leaves banks in the very difficult situation of needing to provide stronger authentication and more sophisticated technology to help prevent similar attacks in the future.

According to the Federal Financial Institutions Examination Council's expected new guidance for online authentication, device identification and behavioral analysis is a necessity born from increasing overseas cyber attacks on US accounts.

The latest release of SAS Fraud Management 3.2 is helping financial institutions to better detect, prevent and manage fraud across multiple products, lines of business and channels. This version includes an integrated application programming interface and improved real-time processing of all transactions to deliver more accurate alerts to aggressively monitor and detect emerging fraud threats such as ACH, Wire, One-Line and Account Takeover. SAS recently received patent approval for analytic technology in the new version of SAS Fraud Management. The solution captures the history for different entities (card, account, customer, terminal ID, IP address) involved in the transactions, increasing the accuracy in detection of customer behaviors that fall outside the norm during point-of-sale transactions. The key benefits include a better customer experience because of reduced false positive alerts and increased detection rates - which save the bank from fraud losses.

Some additional benefits include:

Multi-organization configuration

    to accommodate an enterprise vision with minimal IT upgrade and a change in management processes, which lowers total cost of ownership.

Integration capabilities

    to hook into multiple host environments and interface alert results with other vendor applications including IVR, call center applications, case management systems.

Superior rule management

    configuration to monitor and track historical behavior patterns at different entities based on business needs.

Proven and experienced global implementation team

    with a consistent implementation methodology and industry best practices.

HSBC has deployed SAS Fraud Management as the foundation for real-time fraud detection and ongoing fraud management across its global network. SAS helps HSBC reduce global losses from fraudulent transactions and rapidly changing threats. According to Derek Wylde, Head of Group Fraud Risk, Global Security and Fraud Risk for HSBC, “The proof is in our fraud numbers – our detection rates are up and our false positives are down – which continue to meet our aggressive goals.”

There are still many organizations struggling with fraud attacks that span multiple lines of business and channels. If yours is plagued with outdated technology that lacks real-time decisioning and too many false positive alerts, it may be costing your organization millions each day. SAS Fraud Management will empower your organization with the best technology and analytics to tackle current and emerging fraud threats, while still keeping your customers safe and happy.

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About Author

Ellen Joyner-Roberson

Global Marketing Advisor

Ellen Joyner-Roberson, CFE is Global Marketing Advisor at SAS, where she defines industry strategy and messaging for the global fraud and security markets in banking, insurance, health care and government. With more than thirty years of experience in information technology, she helps clients capitalize on the power of analytics to combat fraud and keep the public safe. This includes bringing greater awareness of how to apply machine learning and AI to detect evolving fraud tactics, while realizing ROI in technology investments. In addition, she consults with clients to reduce fraud losses and mitigate risk across their enterprise. Joyner-Roberson graduated from Sweet Brier College with a degree in Math and Computer Science. Most recently, Ellen has brought to market our Intelligence and Law Enforcement solution called SAS® Intelligence and Investigation Management and a cross industry solution focused on Procurement Integrity.

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