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News

Duncan Ash, Marketing Manager of Financial Services at SAS UK has commented on the NFA fraud estimate for the UK

SAS : 31 January, 2011  (Technical Article)
Combatting fraud requires more than a single solution approach, according the SAS UK in response to the fraud figures released by the National Fraud authority
“While the financial services industry recorded one of the highest losses to fraudsters (3.6 billion), this figure actually represents a decrease on the 2010 AFI figure. This demonstrates that the industry is indeed moving in the right direction through improved fraud prevention methods however fraudsters are constantly modifying their approach and, as such, fraud prevention techniques can never remain static and need to evolve to stay one step ahead of the fraudsters.



“What’s more, no single approach will serve successfully to combat fraud; it will always require the right mixture of good business practices, education, prevention and detection. In particular, banks need to focus on using analytic techniques to help secure their online banking channels, in light of the 14% (60 million) increase in online banking fraud.



“Only a system that allows behavioural profiling and analytics across multiple delivery channels and products simultaneously, and in real-time, can adequately address many of the emerging fraud trends in the online world.”
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