HSBC has chosen SAS Fraud Management, the real-time fraud detection system and part of the SAS Fraud Framework, as its principal application for fraud management across its global network. HSBC and SAS are working together to expand SAS Fraud Managements capabilities, beyond protecting against credit and debit card fraud, to provide a comprehensive approach to combating fraud across multiple lines of business and channels. These enhanced capabilities will enable the bank to monitor activity at the customer, account and channel level. This will result in further protection against branch banking, bank transfer and on-line payment fraud, as well as internal fraud, and represents part of SAS continuing investment in helping financial institutions to reduce fraud.
HSBC will continue to benefit from enhanced reporting and rule writing capabilities, resulting in greater detection rates and continued reduction of false positive rates. By monitoring behaviour at the customer level, the bank will gain more streamlined and efficient use of its investigative resources. HSBC will continue to use SAS alert management, routing and queue prioritisation software to maximise efficiencies and allow the highest priority alerts to be worked on quickly.
Time and time again, SAS proves itself as a worthy global partner to HSBC, says Derek Wylde, head of group fraud risk, HSBC. We are keen to continue our investment with SAS having seen success with SAS Fraud Management in credit and debit card fraud protection and experiencing SAS flexible and innovative approach to fighting fraud. As a testament to this, we have chosen SAS as our solution for enterprise fraud management and are expanding our protection over other areas of fraud with SAS software. Were also delighted that HSBC customers around the world are now benefiting from the same level of fraud prevention and detection success we originally saw in the US.
D.C.