SAS Fraud Management Boosts Detection and Prevention
Business analytics leader SAS has announced the latest version of SAS Fraud Management. According to the company, the new version provides faster, more versatile and accurate enterprise fraud detection.
“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.”
Using SAS Fraud Management — a comprehensive, analytics-based enterprise fraud management system featuring real-time scoring of accounts, including purchases, payments and non-monetary transactions — banks can better detect, prevent and manage fraud across multiple products, lines of business and channels, SAS said.
Enhancements in SAS Fraud Management include an integrated application programming interface (API), superior rule management configuration, increased operational management and true real-time transaction scoring all built on advanced SAS Analytics.
SAS Fraud Management is an integral component of the SAS Enterprise Financial Crimes Framework for Banking. With its integrated API, SAS Fraud Management has improved its real-time processing to deliver alerts for key products and channels, especially emerging entities such as Automated Clearing House (ACH), wire, phone and internet banking, and broker surveillance.
SAS said financial services firms can more quickly and aggressively monitor and detect emerging fraud threats, whether a simple attack through a single channel or an organized assault across multiple channels aimed at stealing millions of dollars.
SAS today also unveiled SAS Retail Forecasting, which the company said will help retailers predict demand and shape consumer response across a marketing-driven, multichannel retail enterprise. It analyzes consumer response to price, promotion, marketing and operational activity to assess effect on demand. In addition to price and promotion, SAS said the software can also assess cannibalization and halo effects, and causes for lost sales, as well as forecast new product sales.
Today's announcements came at The Premier Business Leadership Series event in Antwerp, Belgium, a business conference presented by SAS that brought together more than 600 attendees from the public and private sectors to share ideas on critical business issues.
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