HSBC Enforces Real-Time Fraud Protection System

HSBC Enforces Real-Time Fraud Protection System

Banking group HSBC has employed real-time fraud protection system to provide secure transactions among debit and credit card holders across the UK.
 

Fraud losses in the UK account to £609 million based on data released by Apacs. Most of these losses are attributed to online banking, with a 132 percent increase since 2008. 

 

The SAS-supplied software can monitor and trim down fraud, which is usually carried out through online transactions. It also boasts more efficient reporting and rule-writing features, built to increase the number of fraud detections and decrease false-positive rates. 

 

HSBC will retain its alert management, routing, and queue prioritization software. These are used to immediately allot resources for top priority alerts. 

 

HSBC is known to be the world's largest banking group and the world's 6th largest company. It has huge operational base in Asia and offers lending, investment, and insurance services all over the globe.