SAS launches new fraud protection framework

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.