SAS creates new division to fight fraud globally with AI and advanced analytics
SAS Fraud and Security Intelligence helps customers like Société Générale
The Association of Certified Fraud Examiners estimates that the typical organisation loses 5 per cent of annual revenues to fraud, equating to trillions of dollars in losses worldwide each year. To help organisations better detect and combat the ever-present threat of fraudsters and hackers, SAS has created a new global Fraud and Security Intelligence Division.
The division will further focus and sharpen the SAS fraud and cybersecurity portfolio. More than 400 employees in 25 countries across the Americas, Europe and Asia support this focus area. SAS plans to add another 100 employees to the division over the next three years, accelerating innovation and allowing SAS to connect with customers in new ways. Fifty new positions are anticipated by year’s end.
Organisations as diverse as Amica Mutual Insurance Co., the Georgia Department of Public Health, Société Générale and Union Bank use SAS® Fraud & Security Intelligence solutions to protect against the rising and evolving tide of fraud and security risks, from which no industry or organisation is exempt. According to PwC's 2018 Global Economic Crime and Fraud Survey, 49 per cent of companies say they’ve been victims of fraud and economic crime in the last two years – up from 36 per cent the year before.
Leading the new SAS division as Vice President of Fraud and Security Intelligence is Stu Bradley, who brings nearly 20 years of industry experience fighting fraud and abuse, the last nine at SAS. He was most recently SAS’ Vice President of Cybersecurity Solutions.
“Over the last 15 years, SAS has built a reputation as the leader in fraud and security intelligence,” said Bradley. “The rise of the digital economy has been matched by the rapid spread of fraud and cybersecurity risks, making now an ideal time for SAS to redouble and refocus its leadership in this area. We want to meet customers where they are in their analytics journeys, particularly as they adopt technologies like AI, IoT and cloud. With SAS to help them, they will be even better equipped to break down data silos, adjust to shifting regulations, and safeguard against present and future risks.”
Société Générale takes anti-money laundering to the next level
As one of the leading financial services groups in Europe, Société Générale supports 31 million individuals, professionals, companies and institutional investors worldwide. Facing ever-more sophisticated threats from fraudsters and money launderers, Société Générale turned to SAS to help optimise its anti-money laundering, fraud detection and compliance across multiple business units. The French multinational banking and financial services firm implemented a single platform with a series of dashboards configured for its Paris headquarters and other sites internationally, helping the firm adhere to compliance rules across geographies.
“Monitoring for money laundering deals with a lot of sensitive data, and transactions happen all over the globe. Keeping track of all of that is no small feat,” said Patrice Mathé, Director of Strategic Compliance Projects at Société Générale. “With the implementation of SAS, we have been able to greatly enrich our detection scenarios. In particular, SAS visualisation tools have helped reduce the time required to analyse data, visualise patterns, hypothesise monitoring strategies and validate scenario logic. The result is greater alert accuracy and improved investigation efficiency.”
Looking to the future
As enterprising criminals become more organised and technologically sophisticated, the analytic tools used to thwart their schemes must outpace their advances. The formation of SAS’ Fraud and Security Intelligence Division will drive greater innovation by bringing together software developers and technology professionals from across the fraud, compliance and security domains.
SAS customers will benefit from hybrid analytic approaches with embedded machine learning, artificial intelligence (AI) and social network analytics. The new fraud division will also align with SAS’ risk and IoT divisions to deliver value across the enterprise on a common platform.
Today's announcement was made at SAS Global Forum, the world's largest analytics conference, with more than 30,000 business and IT users of SAS software participating on-site and online.
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