Card fraud crackdown accelerated

bert&ernie

http://news.bbc.co.uk/1/hi/business/7834798.stm

A leading bank is introducing new technology that will mean every credit card transaction is scrutinised for fraud.
HSBC is introducing the programme, which will affect 10 million card accounts and millions of transactions.

for those interested in the technology, details can be found here:
http://www.sas.com/industry/fsi/fraud/payment_fraud.html

PROLIANT

Thanks Bert, very interesting article.
Sounds like your spending habit’s will become part of some form of data mining process, effectively each customer will become part of a "data cube" for analytical processing at real-time.

bert&ernie

PROLIANT wrote: »

Thanks Bert, very interesting article.
Sounds like your spending habit’s will become part of some form of data mining process, effectively each customer will become part of a "data cube" for analytical processing at real-time.

The technology is interesting because SAS are a new entrant in this space - its currently dominated by Fair Issac with their Falcon product. I heard about the this new product a while ago when it was known as SAS Raptor (I think there is some kind of trend in naming fraud management software after predatory animals).

Falcon is the industry standard solution and is used extensively in the UK. What appears to be different about the SAS solution is its performance - giving rise to the expectation that it will score 100% of authorisations in real-time. Typical Falcon implementations only process a proportion of authorisations real-time in order to keep response times within agreed service levels. The rest will be queued for an asynchronous response enabling the card to be blocked to prevent further fraudulent use.