SAS, the leader in business intelligence (BI) and analytics, has earned the Technology Innovation of the Year Award in the field of Enterprise Fraud Detection and Prevention by Frost & Sullivan for its fraud management solution.

After thorough analysis of the fraud solution market, the research firm found that SAS Fraud Management integrates advanced analytics, superior decision management capabilities and sophisticated rules into a complete scoring and reporting platform, resulting in accurate scoring of banking transactions, including those in real time at the point of sale (POS). This integrated approach combines analytics, alert generation and alert management that help a bank adapt to a dynamic and constantly changing environment to address new fraud issues as they arise.

SAS Fraud Management provides faster, more accurate fraud detection on a global scale through real-time scoring of all card transactions – purchase, payment and non-monetary activities such as change of address, phone number and PIN. The solution was developed in partnership with HSBC, who has already seen benefits in their first three months after implementation and is continuing to roll out the solution across its global card operations.

“Fraud has evolved into an inexorable and pervasive issue in the banking and financial services domain. Fraudsters are constantly inventing new ways to breach security measures and as a result, financial institutions are struggling to check losses due to fraud crimes.” says Frost & Sullivan Research Analyst Achyuthanandan Sampath. “SAS’ radical fraud management solution is equipped with all the capabilities necessary to completely immobilise fraud crimes. Its core technical aspects also stand testimony to the progress made in the area of fraud detection and prevention. This makes SAS Fraud Management indispensable for all banking and financial institutions.”

“SAS is honoured by the recognition of this prestigious award from Frost & Sullivan which emphasises our belief that ours is the most complete fraud detection system available today,” said TJ Horan, Director of Fraud Solutions at SAS. “This is a testament to our leadership in the fraud solution market and the success SAS has realised in addressing industry pains of our customers.”

Frost & Sullivan’s Technology Innovation Award is bestowed upon a company (or individual) that has carried out new research that has resulted in innovation(s) that have brought, or are expected to bring, significant contributions to the industry in terms of adoption, change and competitive posture. This award recognises the quality and depth of a company’s research and development program as well as the vision and risk-taking that enabled it to undertake such an endeavour.