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HSBC chooses SAS for its single global solution for enterprise fraud management

HSBC has chosen SAS® Fraud Management, the real-time fraud detection system and part of the SAS Fraud Framework, as its principal solution for fraud management across its global network. HSBC and SAS are working together to expand SAS Fraud Management’s capabilities, beyond protecting against credit and debit card fraud, to provide a comprehensive approach to combating fraud across multiple lines of business and channels. These enhanced capabilities will enable the bank to monitor activity at the customer, account and channel level. This will result in further protection against branch banking, bank transfer and on-line payment fraud, as well as internal fraud, and represents part of SAS’ continuing investment in helping financial institutions to reduce fraud.

HSBC will continue to benefit from enhanced reporting and rule writing capabilities, resulting in greater detection rates and continued reduction of false positive rates. By monitoring behaviour at the customer level, the bank will gain more streamlined and efficient use of its investigative resources. HSBC will continue to use SAS’ alert management, routing and queue prioritisation software to maximise efficiencies and allow the highest priority alerts to be worked on quickly.

Derek Wylde, Head of Group Fraud Risk, HSBC, said: “Time and time again, SAS proves itself as a worthy global partner to HSBC. We are keen to continue our investment with SAS having seen success with SAS Fraud Management in credit and debit card fraud protection and experiencing SAS’ flexible and innovative approach to fighting fraud. As a testament to this, we have chosen SAS as our solution for enterprise fraud management and are expanding our protection over other areas of fraud with SAS’ software. We’re also delighted that HSBC customers around the world are now benefiting from the same level of fraud prevention and detection success we originally saw in the US.”

Since its initial US launch in 2007, SAS Fraud Management is now live across HSBC in the US, Europe and Asia Pacific. Hong Kong, Philippines, Singapore, Thailand, Macau, Brunei and Sri Lanka are all now using it to protect 100 percent of their credit card transactions in real time. HSBC UK, including First Direct and M&S Money, is using the solution to protect all of its UK credit and debit cards. With this, SAS and HSBC are now realising the original joint-development vision of an enterprise-wide risk system.

Ian Manocha, Managing Director of SAS UK states: “In the current economic environment, it is crucial that banks can protect their customers and protect their bottom line. SAS Fraud Management enables HSBC to do just that. Our software now helps HSBC protect virtually every transaction for HSBC credit and debit cards in the UK. Our success in these projects has given HSBC the confidence to adopt SAS Fraud Management as its global standard for fraud risk across all lines of business and we are delighted that we can support HSBC Group’s worldwide fight against fraud.”

John Foulley, Head of Banking Financial Services Solutions at SAS Asia Pacific, adds: “Despite growing investment in fraud prevention in Asia Pacific, card fraud is a growing issue and fraud schemes are becoming increasingly sophisticated. Common issues in this region are application fraud, identity fraud and card fraud. The challenge is for banks to ensure they have dynamic and integrated fraud detection mechanisms in place that are geo-specific. With SAS Fraud Management, HSBC can do just that.”