Share with your friends










Submit

Analytics Magazine

SAS Secures Technology Patent for Better Fraud Detection Performance

Industry News

SAS, leader in business analytics software and services, recently received patent approval for “Computer-Implemented Predictive Model Generation Systems and Methods” (US patent 7,788,195 B1) related to technology at the heart of SAS® Fraud Management, an integral component of the SAS Enterprise Financial Crimes Framework for Banking. SAS Fraud Management employs a “Self-Organizing Neural Network Arboretum” (SONNA) modeling capability to build its unique hybrid approach to consortium and custom models.

SAS Fraud Management offers significant improvement in fraud detection performance compared to the performance of regular, non-linear modeling techniques like neural networks. A “score-on-demand” process helps card issuers obtain updated scores based upon the passage of time. The SAS solution provides the creation of risk-based reason factor groups, giving an organization’s fraud operations and analytics groups more insight and context to the risks and reasons behind the model score – optimizing responses and automating actions to a high-scoring transaction.

“With new types of fraud threats on the rise, such as man-in-the-middle and man-in-the-browser, financial institutions are going to need more sophisticated analytics to monitor all transactions and to constantly be looking for abnormalities in behavior,” said George Tubin, Senior Research Director for TowerGroup, a Corporate Executive Board Company.  “Vendors that employ enhanced analytical approaches are critical in preventing these types of attacks.”

“Banks will be able to better protect themselves and their customers against fraudsters using these advanced techniques,” said Revathi Subramanian, primary patent inventor and Research and Development Director in the SAS Fraud Modeling Department. “This patent is a demonstration of SAS’ continued commitment to innovation and reinvestment that makes it one of the foremost business analytics companies in the world.”

SAS has developed consortium models for Asia Pacific, Mexico, the United Kingdom and the United States, but the models can also be used in other non-listed regions to drive immediate return on investment.

“SAS feels that customized predictive models are the best way to maximize ROI from a fraud solution,” said Ellen Joyner, Global Marketing Manager, Financial Crimes Prevention at SAS. “We understand that all clients may not have the data history of known fraudsters and their behavior to customize predictive models or the requirement for a customized approach. SAS has developed regional models based upon consortium data that helps SAS to readily deploy ‘out of the box’ analytics across multiple product and channel portfolios.”

Related Posts

  • 31
    November/December 2010 Practical ways to drive field service, looking forward. By (left to right) Scott Brown, Atanu Basu and Tim Worth Susan is having a hectic Thursday at work. Busy days are nothing new for this 20-year veteran of the financial services industry. Susan works as the director of operations…
    Tags: predictive, analytics, services, management, financial
  • 30
    If the world seemed dangerous from a financial crime perspective last year, FICO experts predict an even more challenging 2017. In a new paper, four of the leaders in the company’s fraud and financial crime group laid out 17 predictions, ranging from killer devices in the home to hacked fingerprints.
    Tags: financial, fraud, crimes, analytics
  • 30
    Capgemini a provider of consulting, technology and outsourcing services, and Oracle recently announced the launch of Business Analytics for Telecommunications, strengthening Capgemini’s global Business Information Management Service Line.
    Tags: business, analytics, management, model, services

Analytics Blog

Electoral College put to the math test


With the campaign two months behind us and the inauguration of Donald Trump two days away, isn’t it time to put the 2016 U.S. presidential election to bed and focus on issues that have yet to be decided? Of course not.


Headlines

What you like in a CEO candidate may not deliver results

Attributes that often get someone hired as CEO may not be the ones that drive success once they are at the helm of the company. That’s one of many provocative insights in a study by consulting firm ghSMART. The study, recently featured in Harvard Business Review, identifies characteristics that differentiate the most effective leaders. Read more →

Paying for online reviews backfires among socially influential

Online user reviews have become an essential tool for consumers who increasingly rely on them to evaluate products and services before purchase. The business models of online review platforms such as Yelp and TripAdvisor and e-commerce sites such as Amazon and Expedia critically depend on them. Should such sites pay users to encourage them to write reviews? Read more →

UPCOMING ANALYTICS EVENTS

INFORMS-SPONSORED EVENTS

CONFERENCES

2017 INFORMS Healthcare Conference
July 26-28, 2017, Rotterdam, the Netherlands

CAP® EXAM SCHEDULE

CAP® Exam computer-based testing sites are available in 700 locations worldwide. Take the exam close to home and on your schedule:


 
For more information, go to 
https://www.certifiedanalytics.org.