SAS and Nationwide's fraud detection system recognised by The Banker
High performance system wins The Banker's Best Anti-Fraud/Crime Prevention Technology after helping cut Nationwide's fraud losses by 75 per cent
05 September 2013 - Business analytics leader SAS and leading building society Nationwide have been recognised by The Banker's coveted Best Anti-Fraud/Crime Prevention Technology Award in the annual Innovation in Technology and Transaction Banking Awards. The honour celebrates a strategic fraud detection system, capable of detecting over 10 different 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, cheques 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," said David Parsons, Senior Manager of Fraud Analytics, Nationwide, "we saw not just enhanced efficiency in our fraud detection processes, but significant savings as fraudulent activities were identified and stopped. 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 minimise losses," said Mark Wilkinson, Managing Director at SAS UK & Ireland. "This award recognises the impact innovative and efficient data analysis solutions can have on a bank's fraud detection, with Nationwide better equipped to flag nefarious financial activities, helping to reinforce its financial performance."
SAS is the leader in business analytics software and services, and the largest independent vendor in the business intelligence market. Through innovative solutions, SAS helps customers at more than 60,000 sites improve performance and deliver value by making better decisions faster. Since 1976 SAS has been giving customers around the world
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