HBOS plc, the provider of retail, business and corporate banking and the UK’s largest mortgage and savings provider, is working with SAS to provide improved protection for its customers against fraud over the next seven years.
Initially, SAS Fraud Management will be used to protect the millions of active debit cards HBOS has from fraudulent transactions. SAS’ fraud application will enable HBOS to uncover fraudulent transactions faster, earlier and more accurately. It will examine each and every HBOS debit and ATM card transaction in real-time, checking it against any possible changes in customer behaviour to make a decision as to whether or not to proceed with the transaction.
The SAS fraud application provides the option for HBOS to extend its use to cover other types of transactional fraud which may affect HBOS’ customers, including banking and credit card fraud.
“We chose SAS over the competition because of its proven expertise in the fraud management space and its potential to provide a single platform that can be extended throughout the enterprise, meeting many of our fraud prevention needs. We see SAS as a partner, who, over the coming years, will help HBOS to be in the best position to protect not only our customers, but also our business from the ongoing threat of fraud,” says Ian Fielder, head of risk operations,HBOS.
“We are incredibly excited that HBOS has chosen to work with SAS. We’ve always believed that fraud prevention and protection is an industry-wide issue and having HBOS onboard, alongside global organisations such as HSBC, strengthens our goal of building a consortium of financial institutions to mount an industry-wide fight against fraud,” addsJ im Goodnight, CEO, SAS.