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SAS to Protect All HBOS Debit Cards Against Fraud
CARY, N.C.-(Business Wire)-January 31, 2008 - HBOS plc (HBOS), the provider of retail, business and corporate banking and the UK's largest mortgage and savings provider, has announced it is working with SAS, the market leader in enterprise intelligence software, to provide improved protection for its customers against fraud over the next seven years.
Initially SAS(R) Fraud Management, which SAS believes is the most complete fraud prevention system available today, will be used to protect the millions of active debit cards HBOS has from fraudulent transactions. SAS' fraud solution will enable HBOS to uncover fraudulent transactions faster, earlier and more accurately. It will examine each and every HBOS debit and ATM card transaction in real-time, checking it against any possible changes in customer behaviour to make a decision as to whether or not to proceed with the transaction.
The SAS fraud solution provides the option for HBOS to extend its use to cover other types of transactional fraud which may affect HBOS' customers, including banking and credit card fraud. This major project builds on the strong long-term relationship between the two organisations already established in the areas of insurance and customer risk management.
"We chose SAS over the competition because of its proven expertise in the fraud management space and its potential to provide a single platform that can be extended throughout the enterprise, meeting many of our fraud prevention needs." said Ian Fielder, Head of Risk Operations for HBOS, "We see SAS as a partner, who, over the coming years, will help HBOS to be in the best position to protect not only our customers, but also our business from the ongoing threat of fraud"
Jim Goodnight, CEO of SAS adds: "We are incredibly excited that HBOS has chosen to work with SAS. We've always believed that fraud prevention and protection is an industry-wide issue and having HBOS onboard, alongside global organisations such as HSBC, strengthens our goal of building a consortium of financial institutions to mount an industry-wide fight against fraud".
