SAS and Nationwide land second award for fraud detection system
FS Tech recognises companies with Anti-fraud/Security Strategy of the Year accolade, following recognition by The Banker in 2013
28 March 2014 - Global business analytics leader SAS and building society Nationwide have been awarded Anti-fraud/Security Strategy of the Year at the annual FS Tech Awards. The accolade recognises excellence in the application of technology and an innovative anti-fraud strategy that has contributed to a 75 per cent reduction in Nationwide's fraud losses.
The award-wining system, which largely comprises technology provided by SAS, 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 through identification of instances such as money being fraudulently added to accounts.
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," says David Parsons, Senior Manager 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 & 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 power to know more about the fraud threats it faces and so prevent fraud happening in the first place."
ABOUT NATIONWIDE BUILDING SOCIETY
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 business analytics software and services, and the largest independent vendor in the business intelligence market. Through innovative solutions, SAS helps customers at more than 70,000 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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