SAS Fraud Management Boosts Real-Time Processing and Security at Banks

SAS (News - Alert), a provider of business analytics software and services, announced that the SAS Fraud Management, a comprehensive, analytics-based enterprise fraud management system featuring real-time scoring of accounts, is assisting banks to detect, prevent and manage fraud across multiple products.

SAS Fraud Management helps banks maintain corporate reputation and valuable customer relationships while also enabling them to outsmart fraudsters, company officials said.

“The ability to store intelligently chosen raw data for multiple entities is key to addressing many fraud and risk problems effectively,” said Revathi Subramanian, primary patent inventor and R&D director in the SAS Fraud Modeling Department, in a statement.

“SAS’ innovation is very exciting not only from a technology perspective, but also in terms of the benefits to the financial industry,” Subramanian added.

Company officials said the new release delivers superior rule management configuration to monitor and track historical behavior patterns at different entities, based on business needs. The multi-organization configuration assists a financial institution to deploy and manage the enterprise solution to break down organizational silos.

“Real-time transaction and behavioral monitoring is a critical component of Internet fraud prevention due to the increased ability of fraudsters to compromise an authenticated session,” said George Tubin, senior research director for TowerGroup, a corporate executive board company.

“This will be especially important as financial institutions are getting prepared for pending updates to the Federal Financial Institutions Examination Council (FFIEC) authentication guidelines,” Tubin added.

When paired with SAS’ patented advanced analytics, SAS Fraud Management significantly reduces the number of false positives. Customers will gain as customer service becomes more efficient by reducing delayed transactions.

Through better use of staff for alert management, organizations can also realize greater operational efficiency while having fewer false positives saves time and enhances customer experience.

Back in April, SAS announced the company has helped more than 3,000 marketing executives drive profitable growth in 2010. The company also stated that new sales of SAS Customer Intelligence were up 68 percent globally in 2010.