
Will spot and stop fraudulent transactions...
By Dan Ilett
Published: 12 July 2005 12:40 GMT
HSBC is deploying anti-fraud software that detects unusual spending behaviour among its card holders.
The third-largest bank in the world, with more than 100 million bank cards in circulation, is using software from SAS that analyses and monitors card-owner spending patterns, and freezes transactions if it suspects they are fraudulent.
The software will be implemented in all of HSBC's major card businesses around the world.
A press statement from SAS said the two companies are looking to extend the technology into other transaction monitoring applications.
Ian Manocha, director of the worldwide fraud practice at SAS, said: "Since fraud prevention and detection is a shared goal across the financial industry, [we are] already working with a number of other institutions to build a broader consortium in conjunction with HSBC."
But a spokeswoman from the Association of Payment and Clearing Services said behavioural detection software is nothing new in the banking industry.
She said: "The standard software is called Falcon - one of the best known brand names. But this sounds like it's getting more sophisticated and can give you more information.
"[The software] can detect and differentiate between criminal behaviour with cards just as much as your behaviour. [Fraudsters] often start with a small set of transactions with a card like a phone call or something. So there are some triggers."
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