SAS and Nationwide land second award for fraud detection system
FStech recognizes building society with Anti-fraud/Security Strategy of the Year accolade, following 2013 recognition by The Banker
Global business analytics leader SAS and building society Nationwide have been awarded Anti-Fraud/Security Strategy of the Year at the annual FStech Awards. The accolade recognizes excellence in the application of technology and an innovative anti-fraud strategy that has contributed to a 75 percent reduction in Nationwide’s fraud losses.
The award-winning system, which largely comprises SAS® technology, allows Nationwide, the world’s biggest building society, to quickly and easily flag unusual account activity and key fraud threats. For example, the building society can monitor outbound CHAPS payments, with an alert sent to an investigation team if any activity is considered suspicious. It has also helped create major cost savings by identifying fraudulent deposits.
In addition, the system has enabled Nationwide to identify a series of money launderers to help ensure regulatory compliance. It has also automated previously time-consuming activities, such as the daily production of reports, in order to provide in-depth analysis of fraud losses.
“SAS has helped to eliminate three-quarters of our fraud losses in the space of just a few years,” said David Parsons, Senior Manager of Fraud Analytics at Nationwide. “That is a real, bottom-line saving that we are making. Plus, we’ve been able to enhance the service we provide to our customers, who trust us to keep their assets safe.”
Mark Wilkinson, Managing Director at SAS UK and Ireland, added: “Tackling fraud is a perennial concern for Nationwide, as it is for all financial institutions. This award, along with the recognition we received from The Banker last year, proves that an innovative data analytics system gives a business the ability to know more about the fraud threats it faces and so prevent fraud happening in the first place.”
Learn more about SAS fraud solutions for the financial services industry.
About Nationwide Building Society
Nationwide is the UK's largest building society as well as the second largest savings provider and a top-three provider of mortgages in the UK. It is also a major provider of current accounts, credit cards, ISAs and personal loans. Nationwide has around 15 million customers.
Customers can manage their finances in-branch, on the telephone, internet and post. The Society has around 15,000 employees. Nationwide's head office is in Swindon with administration centres based in Northampton, Bournemouth and Dunfermline. The Society also has a number of call centres across the UK.
SAS is the leader in analytics. Through innovative analytics, business intelligence and data management software and services, SAS helps customers at more than 83,000 sites make better decisions faster. Since 1976, SAS has been giving customers around the world THE POWER TO KNOW®.