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.