SAS believes that fraud detection and prevention is an increasingly important objective across the financial services industry and, given the success of SAS Fraud Management within HSBC, SAS is today launching the solution to the wider financial community. In a consolidated industry-wide effort to tackle card fraud, SAS’ aim is to create a consortium of financial institutions to unite and benefit from sharing their fraud knowledge and developing further applications using SAS Fraud Management. As demonstrated by HSBC, SAS Fraud Management enables organisations to actively combat fraud and will help change the face of card fraud management.

HSBC recognises the need for continually improving fraud prevention efforts to combat losses incurred in the card market. It chose SAS as its global development partner for an enterprise risk management platform with fraud detection and prevention at its core, because of its expertise, leading-edge technology, and the shared commitment to develop and deliver superior-quality applications. SAS has proven that it can support HSBC as a long-term global partner, and will work with HSBC to roll out SAS Fraud Management across the global bank. 

Derek Wylde, Head of Group Fraud Risk, HSBC, said: “Our success with this partnership and with SAS Fraud Management shows that SAS understands and shares in HSBC’s long-term goals and can work with us to deliver improved solutions. In a constantly changing fraud environment, SAS technology helps us keep ahead of criminals. We believe the SAS solution takes us a significant way forward in our fight against fraud.”

“SAS is proud to have produced, alongside HSBC, a system that will truly change the landscape of transaction fraud detection across the financial services industry,” said Jim Goodnight, CEO of SAS. “SAS Fraud Management enables banks to continually adapt to the ever-changing fraud situation in order to improve the protection of banks, businesses, and customers. This system could revolutionise how the industry tackles fraud now and in the future.” 

SAS Fraud Management, has been adopted as the exclusive transaction fraud solution across HSBC’s US credit card operations. Given its success it is now being implemented in the UK and Asia.  Within the next few years, SAS Fraud Management will be used to assist HSBC in protecting transactions for more than 100 million credit or debit cards in more than 30 countries worldwide.

HSBC Holdings plc
HSBC Holdings plc serves over 125 million customers worldwide through around 10,000 offices in 83 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa. With assets of some US$2,150 billion at 30 June 2007, HSBC is one of the world’s largest banking and financial services organisations. HSBC is marketed worldwide as ‘the world’s local bank’.

[1] The Nilson Report – July 2007