SAS Empowered by Machine Learning Reigns Enterprise Fraud Management

By CIOReview | Wednesday, February 10, 2016
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CARY, NC: SAS, a business analytics firm now gets baptized as a leader in Enterprise Fraud Management (EFM) by Forrester Wave. The Forrester research evaluated 15 criteria’s to identify the seven most momentous EFM vendors and SAS scored the highest among all vendors who took part in the study.

SAS EFM solution wraps in data integration, queue management, and authors rules and models which comprises of all the major transactions that are going across the accounts.  The system features a real-time scoring of accounts, including purchases, payments and non-monetary transactions so that banks can efficiently detect, prevent and manage fraud across multiple products, lines of business and channels. SAS improves in-memory visualization of performance indicator dashboards; extending design and simulation against big data. The study by Forrester points out that this especially improves analytics by integrating device with behavior data. Another differentiating factor identified was that the solution enhances an integrated Application Programming Interface (API), superior rule management configuration, increased operational management and true real-time transaction scoring all built on advanced SAS Analytics.

Apart from these, the study also identified Machine learning as a key differentiator that adapts to the behavioral changes in a population through automated model building. The rule based fraud management systems are more prone to crashes; the best method implemented this year to prevent crashes is found to be the implementation of the Machine learning.  The fraud management seeks minimum delay and the solution provides the capability for the user to know as the payment is being authorized.