SAS Enterprise Anti-Fraud Management System Helps Detect Cards, Channels and Cross Channel Fraud Cases at Bank Muscat

Bank Muscat wanted to implement an enterprise Fraud Management system which can be integrated with Payment products like Debit card, Credit Card and digital channels like Internet & Mobile Banking. The Bank implemented the SAS Fraud Management system in 2016 as phased manner to ensure FMS becomes an enterprise level fraud detection covering all channels under one umbrella.
Bank Muscat a large size bank, with assets worth over USD 30 billion, is the leading financial services provider in the Sultanate of Oman with a strong presence in Corporate Banking, Retail Banking, Investment Banking, Islamic Banking, Treasury, Private Banking and Asset Management.

The collaboration

SAS as vendor was offering an enterprise platform which can be used to identify and monitor financial transactions across all products. Bank Muscat wanted to review the fraudulent behavior in transactions via cards and financial transactions through e-channels (Mobile Banking, Internet Banking & IVR), to have 360o degree view on customer transactions under one platform.
SAS solution has delivered a powerful tool to Bank Muscat specializing in the cards, channels and cross channel fraud cases investigation 

 

The Bank aims to achieve
15% reduction in false positives
70% increase in fraud loss prevention 

 

Why SAS?

The SAS’s Fraud Management System was chosen by Bank Muscat due to its uniqueness. The solution is capable of taking real time/near real time decision, detection and blocking capability melded with an ability to cover enterprise level systems, channels on a single platform.
In addition, that SAS has a competitive edge on data management, analysis, detection and reporting tools all under single solution suite. Bank Muscat found SAS Fraud Management System to fulfill their need for scalability without compromising response time and customer satisfaction. The system’s footprint was expected to fit Bank Muscat’s current and future needs without affecting the downstream applications and the complex infrastructure.
The challenge for SAS was to develop the transaction flows for Real Time (pre-authorization) and near Real Time (post-authorization) with very minimal extended processing time and at the same time provide effective fraud detection, while keeping better customer experience in mind.
SAS provided the full-fledged coverage in a phased manner by slowly embracing all the major systems and channel touch points with a flexibility to change any defined Rule as Real Time or near Real Time in few minutes - as decided by Fraud Prevention Committee after assessing genuine impact to Bank Customers.

Enterprise level Detection: Reactive to Proactive

Until the implementation of SAS Fraud Management System, Bank Muscat was using Visa Risk Manager for monitoring their Debit & Credit Card Transactions.
In conjunction to Fraud Monitoring System SAS is also offering predictive modelling which help to Bank Muscat to identify suspicious pattern based on historical transaction behaviour patterns of the fraud history.
The need for one unified enterprise system to monitor fraudulent behaviour Bank Muscat was thus looking for a system capable of automating the entire process of detection of fraudulent transactions and events. The system was also required to be customizable and have a potential for future development.



Challenge

  •  Monitor Domestic cards transactions, e-channels, Merchant monitoring and Cross-Channel Frauds
  •  Enable 360° degree view of Customer behavior
  • Need for a single platform to monitor enterprise level
  • Ability to detect and stop transactions in real time and protect customer’s money without impacting transaction wait time leading to improved Customer Satisfaction.

Benefits:

  • Near Real Time (post-auth) to Real-Time (pre-auth) switching function to enable denial of Transaction
  • Cross Channel detection capability
  • Fraud Rules authoring can be done by Fraud Prevention Team themselves and deployed
  • Take informed decisions on end systems to enforce proactive controls
  • System has the flexibility to switch from Real Time decisioning to Advice mode in few minutes
  • SAS is currently working to optimize and consolidate the rules and profile updates to help the bank detect fraud behavior in quickest time through reduced alerts. 
The results illustrated in this article are specific to the particular situations, business models, data input, and computing environments described herein. Each SAS customer’s experience is unique based on business and technical variables and all statements must be considered non-typical. Actual savings, results, and performance characteristics will vary depending on individual customer configurations and conditions. SAS does not guarantee or represent that every customer will achieve similar results. The only warranties for SAS products and services are those that are set forth in the express warranty statements in the written agreement for such products and services. Nothing herein should be construed as constituting an additional warranty. Customers have shared their successes with SAS as part of an agreed-upon contractual exchange or project success summarization following a successful implementation of SAS software. Brand and product names are trademarks of their respective companies.

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