'SAS Fraud Management' wins 'Frost & Sullivan Technology Innovation of the Year' award

The winning solution has been recognised by the prestigious market research company for its integrated approach, which combines analytics, alert generation and alert management to help banks adapt to a dynamic and constantly changing environment and address new fraud issues as they arise.

According to a recent GCC-wide survey conducted by KPMG entitled 'Fraud Survey Report for 2008', 60 per cent of the respondents expect the level of fraud to increase within the next two years. With the growing incidence of bank fraud in the GCC attributed to poor internal mechanisms to curb the phenomenon, SAS has focused its efforts on delivering its 'SAS Fraud Management' across regional enterprises, with aims of soothing the growing distress brought by fraud within the largest global sectors. After thorough analysis of the fraud solution market, Frost & Sullivan has identified the strengths of 'SAS Fraud Management', which include the integration of advanced analytics, superior decision management capabilities and sophisticated rules into a complete scoring and reporting platform, thus resulting in accurate scoring of banking transactions.

"Fraud has evolved into a relentless 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," said Achyuthanandan Sampath, Research Analyst, Frost & Sullivan. "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."

The 'Frost & Sullivan Technology Innovation' award is given to companies who have ventured into new research that gave way or is expected to give way to significant developments in the industry in terms of adoption, change and competitive posture. The prestigious award has recognised the quality and depth of a SAS' research and development program, which has led to the creation of a fast and accurate fraud detection tool with a global perspective. This solution has truly provided significant advantages to many banks by facilitating real-time scoring of all card transactions - from purchase to payment, and non-monetary activities such as change of address, phone number and PIN.

"We at SAS are deeply honoured by the recognition of this prestigious award from Frost & Sullivan, which underlines our leading position as the providers of the most complete fraud detection system available today. This is a testament to our commitment to the advancement of the fraud solution market, and the success we have achieved in understanding and addressing the needs of our customers,"

concluded Shukri Dabaghi, General Manager, SAS - Middle East.