The Cary, N.C., financial technology provider SAS Institute Inc. said it has developed a real-time fraud detection system for payment cards with HSBC Holdings PLC, which has started using the system in the United States.
The Fraud Management system has helped HSBC boost its fraud detection rates for credit and debit cards, cut down on false positives, and made the handling of fraud claims more efficient, SAS said Wednesday. The software compares card transactions with other features of customer behavior to detect potentially fraudulent charges.
HSBC has been using the software for three months in the United States and is implementing it in the United Kingdom and Asia. The London company expects to be using the system to evaluate fraud on more than 100 million cards in more than 30 countries within a few years.
