ANTWERP: Business analytics firm SAS has announced an update to its Fraud Management software at the company's Premier Business Leadership Series event in Belgium.
Fraud Management 3.2 is designed to provide faster and more accurate fraud detection to allow banks to monitor customer accounts in real time to detect fraud as it happens.
Customers that sign up for the product will work with a specialist SAS team in San Diego to create the models that will decide what should be monitored, such as the type of transaction, its location and any previous transactions made by the customer.
David Rogers, product marketing manager for risk management at SAS, explained that the new modelling capabilities will be part of a package sold to banks which can be customised with additional "behaviour modelling processes".
The increasing complexity of the financial services market means that a lot of the technology SAS offers to banks has to be customised.
"This is not just an out-of-the-box solution. You can't just run a calculation. It will take a lot of post development and help from our consultancy service because a lot depends on the country's regulations," he said.
The fraud management software API has also been improved to reflect the increasing amount of data banks need to monitor, such as ATM transactions and online purchases, according to Rogers.
The API now integrates customer transaction data with internal bank data, such as customer databases, and ties in with fraud alert systems.
SAS also unveiled updates to its risk management software for banks and insurance companies to address evolving risk management practices and regulatory requirements, including Basel III and Solvency II.
Risk Management for Banking 3.2 includes new calculative technology that can assess liquidity risk and analyse a company's internal economic capital and market risks far beyond Basel III requirements, said Rogers.
The Risk and Fraud Management software updates also offer improved data deduplication technologies to provide cleaner data before analysis.
US space agency believes the crater could have preserved ancient organic molecules from the water that flowed there billions of years ago
Valve quietly closes down hardware initiatives launched following Windows 8
Scientists create a virtual reality simulation of a black hole sitting at the centre of the Milky Way
Simulations like this can help people understand complicated systems in the universe in a better way
The most luminous galaxy ever discovered is cannibalising at least three of its smaller neighbours, study finds
The galaxy radiates at 350 trillion times the luminosity of the Sun