HSBC seeks to reduce fraud risk with global prevention scheme
HSBC has introduced the SAS Fraud Management system in Asia and the UK as part of a global software rollout and fraud prevention scheme. The system was adopted by HSBC's banking operations in the US in late 2007 and is now being taken global. HSBC worked with the US-based software company SAS to develop the system, which SAS now plans to sell to other financial institutions. Fraud losses cost the finance industry billions of dollars per year.
The system is real-time, in that it assesses whether
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