SAS and Nationwide's fraud detection system recognized by The Banker
High-performance system wins Best Anti-Fraud/Crime Prevention Technology after helping cut Nationwide's fraud losses by 75 per cent
MARLOW, U.K. (16 Sep. 2013) – Business analytics leader SAS and leading building society Nationwide have been recognized by The Banker's coveted Best Anti-Fraud/Crime Prevention Technology Award in the annual Innovation in Technology and Transaction Banking Awards. The honor celebrates a strategic fraud-detection system, capable of detecting more than 10 types of financial crime using SAS® technology for Nationwide, the UK's largest mutual and the world's largest building society. The system has helped Nationwide to reduce fraud losses by 75 per cent, positioning the firm as a leader for fraud detection in the UK financial sector.
The new system allows Nationwide 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. Since the fraud detection system's implementation, it has helped Nationwide to make major savings through identifying, for example, checks fraudulently added to accounts. It has also identified a series of money launderers to help ensure regulatory compliance. In addition, it has automated previously time-consuming activities such as the daily production of reports providing in-depth analysis of fraud losses.
"Within weeks of implementing the new fraud detection system, we saw not just enhanced efficiency in our fraud detection processes, but significant savings as fraudulent activities were identified and stopped," said David Parsons, Senior Manager of Fraud Analytics at Nationwide. "Using advanced analytics solutions, we've been able to increase the service we provide our customers, who trust us to ensure their assets are safe and sound."
"Fraud detection is a key concern for banks and building societies trying to protect their account holders and minimize losses," said Mark Wilkinson, Managing Director at SAS UK and Ireland. "This award recognizes the impact that innovative, efficient data analysis solutions can have on a bank's fraud detection. Nationwide is better equipped to flag nefarious financial activities, helping to reinforce its financial performance."
Learn more about SAS fraud solutions for the financial services industry.
ABOUT NATIONWIDEBUILDING SOCIETY
Nationwide is the world's largest building society as well as the second largest savings provider and a top-three provider of mortgages in the U.K. It is also a major provider of current accounts, credit cards, ISAs and personal loans. Nationwide has around 15 million members.
Customers can manage their finances in a branch, on the telephone, internet and post. The Society has around 15,000 employees. Nationwide's head office is in Swindon with administration centers based in Northampton, Bournemouth and Dunfermline. The Society also has a number of call centers across the UK.