Business intelligence firm SAS has released a new fraud detection product
MARLOW, UK - Business intelligence vendor SAS has launched a new framework aiming to increase fraud and money laundering detection, reduce false-positive detections and increase investigative efficiency.
The system, marketed to banking, insurance and government organisations, monitors customer behaviour and includes components to support detection and alert generation, alert management and case management.
"With SAS Social Network Analysis, it is possible to find previously unknown relationships that by themselves seem innocuous, but in concert are clearly fraudulent," says John Brocklebank, vice-president of on-demand solutions at SAS.
"With the combined elements of increased regulation and rapidly evolving, cross-channel fraud, we project that banks will need to invest in broader, more firm-wide fraud and risk solutions," says Jim Eckenrode, a banking and payments research executive at financial advisory Tower Group.
More on Regulation
ABA calls for better ways to compare bank capital between countries
US regulator will pursue a quicker route to exempt foreign CCPs
ECJ decision means new problems for data preservation
Discussion crystallises over regulatory streamlining
Sign up for Risk.net email alerts
Sponsored webinar: IBM
Watch highlights of this year's London conference
Operational risk and the challenges of defining and dealing with conduct risk
Watch discussions and speakers from our North America conference
There are no comments submitted yet. Do you have an interesting opinion? Then be the first to post a comment.