HSBC is using SAS's Fraud Management for Banking
software to try and stem criminal activity around its customers’
accounts. The bank is using the technology to analyse its full
transactional database to look for patterns that can signify such
criminal activity.
Banks usually rely on spotting anomalies or unusual transactions
on customer accounts to spot fraud, but the SAS system is said to
be much faster and more comprehensive when spotting fraud.
HSBC has signed a 15-year deal with SAS for the systems being
used, and the pair are planning to share some of their anti-fraud
expertise with other financial institutions.
The bank also plans to use the SAS technology for risk
management functions too, to help it sift out applications for
credit.
Credit losses usually lead to much bigger losses for banks than
fraud losses.
