13 July 2005
Leading high street bank HSBC has teamed up with a software provider in order to tackle credit card fraud.
SAS is joining forces with HSBC to develop payment card fraud detection technology, which will be used to fight global credit card fraud.
The new technology is likely to use enhanced analytic intelligence, real-time decision making at the point of sale, and complete integration with anti-fraud measures, for example, chip and pin.
The introduction of chip and pin has already played a part in reducing point of sale credit card fraud.
Siddharth Mehta, CEO, HSBC North America Holdings, comments: "We chose to work with SAS primarily because of its technology assets, extensive R&D capability and industry leadership, and its ability to support us across the globe."
It is hoped the new technology will ultimately free up more resources for institutions like HSBC to tackle other threats to consumers finances, such as phishing, as well as new tactics that fraudsters devise.
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