SAS® anti-fraud software called 'best-kept secret'
Research applauds SAS for superior analytics, custom projects for clients
18 June 2014 - "SAS is one of the best-kept secrets among enterprise fraud solution providers," says Aite Group's recent report, Enterprise Fraud Management: Still Evolving After All These Years. But word is clearly getting out – the research firm highlighted fraud and security intelligence as the fastest area of growth for SAS. The report also complimented SAS for its superior analytics and the ability to meet unique customer needs with custom projects.
"Advanced analytics is indispensable in fighting fraud," said Shirley Inscoe, Senior Analyst with Aite Group. "As fraud becomes more sophisticated and schemes more complex, simple rules are not adequate to protect the financial institution or its customers."
Recommending that financial institutions select a provider that can integrate into existing fraud prevention systems, as opposed to replacing existing tools, Aite Group adds that "many point solutions provide valuable insights needed to obtain a complete customer view."
SAS, says Aite Group, has "developed many fraud modules and has a strong case management system that helps integrate all the data needed." A comprehensive holistic customer view – as offered by SAS – is gained through analysis of customers, their relationships and correlating their transactional behavior to their account activity. This reduces false positives, resulting in a better customer experience.
"(A) centralised enterprise fraud management solution improves customer service through a single point of contact for the victimised customer" the report continues, because "the customer does not have to contact multiple departments." Centralisation also improves operational efficiency. Additionally, solution providers who offer a full view of customers and their activity through robust case management tools will detect fraud more effectively and reduce false positives to a manageable and more cost-effective level.
The report pointed at SAS' particular strength to take "learned intellectual property from live deployments and incorporating those capabilities into the out-of-the-box SAS solution."
David Porter, Head of Fraud Strategy at SAS UK & Ireland, said: "The SAS solution really is a one-stop-shop for enterprise fraud management. With hybrid analytics at its core, it has that game changing ability of being able to detect and adapt to new fraud attacks often before a business even realises there is a threat. It is especially useful for organisations that are suffering with fraud losses but can’t decide where to prioritise their efforts in tackling them. SAS gives back to the fraud management team total situational awareness and the strategic upper hand over organised criminals, as well as petty thieves who see fraud as easy pickings."
With a common analytics platform and module-based solutions for enterprise fraud and financial crime, SAS efficiently uncovers suspicious financial activity, provides a complete view of threats across the entire institution, and streamlines the investigation process.
Read the highlights from Enterprise Fraud Management: Still Evolving After All These Years.
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