SAS, Resourcery Proffer Fraud Prevention Solutions

The changing trends and technologies in the fight against financial crime as well as Data Management and Governance framework were the key discussions during the breakfast session organized for technology executives of financial institutions by SAS Institute and Resourcery and Lagos recently.

At the well-attended event, Antionette Van Zyl, Senior Solution Manager for Data Management & Data Quality at SAS, gave a presentation on Data Management and Data Governance framework. Van Zyl, noted that Data Management has three major key drivers namely; Business and revenue optimization, Risk, governance and compliance as well as cost control.

Starting with the business and revenue optimization, she said quality management by financial institutions would adequately address customer acquisition, satisfaction and loyalty worries as well as enhance their revenue drive.

On cost control, she noted that modernized cost control process driven by I.T. efficiency would see an increase in productivity. All of these would be aided by Data governance, risk mitigation as well as adequate compliance.

Van Zyl was quoted stating “Better and faster business decisions depend on getting data in the right place by effectively moving data between systems. This must be done at the right time by supporting all data delivery latencies and architectures. This data must also be in the right form and should be available to the right people.”

“That is why SAS Institute in partnership with Resourcery here in Nigeria is determined to change the data management equation from 80% spent on problem solving preparation and only 20% spent on solving the problem to 20% spent on problem solving preparation and 80% spent on actually solving the problem. With SAS data management solutions, the Nigerian financial sector would see a significant reduction in fraud related case.”

Speaking on the changing trends and technologies in the fight against financial crimes, William Lawrence who is the Regional Practice lead for fraud and financial crimes at SAS Institute noted that it’s  common knowledge today that just one layer of protection is not enough to keep determined fraudsters out of enterprise systems.

This means it would take a multi-layer approach to be successful. The multi-layer approach is what SAS fraud management solution is offering to customers. 

He said: “with the deployment of SAS framework, organizations would see improvement in fraud detection efficiency and coverage. These would include previously undetected fraudulent networks and extinctions to already identified fraud. It would also reduce false positive rates which mean a significant improvement in “quality” of suspicious cases that would previously have not been investigated.”

“With an improved investigation efficiency of less than half the time it takes with link analysis visualization and an improved real-time ability process, which allows fraudulent transactions to be routed appropriately, the SAS anti-fraud framework clearly delivers financial benefits to business organizations.”