HSBC is teaming with business intelligence software vendor SAS develop payment card fraud detection technology that will be implemented across its major card businesses worldwide.
HSBC is one of the world's largest plastic card issuers, with a credit and debit card portfolio of over 100 million cards. SAS says bank recognised the need for a the new fraud detection system will that includes more sophisticated analytic intelligence, real-time decision making at the point of sale, and complete integration with anti-fraud measures - such as chip and PIN.
In addition to reducing potential losses, SAS says the project will lower the operational costs of fighting fraud and will create a more flexible fraud platform so that HSBC can respond faster to new threats as they arise.
The two firms are also cooperating on developing a strategy to extend the technology into other transaction monitoring applications.
Siddharth Mehta, CEO, HSBC North America Holdings, comments: "We chose to work with SAS primarily because of its technology assets, extensive R&D capability and industry leadership, and its ability to support us across the globe."
SAS says since fraud prevention and detection is a shared goal across the financial industry, it is also working with a number of other institutions to build a broader consortium in conjunction with HSBC.