Viseca Card Services reduces fraud loss with SAS®

Thursday, June 17, 2010

Fred Williams

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My company, SAS Institute, in Cary, NC is mainly a business analytics software business.  However, they do a lot of business in the fraud arena and SAS just posted an article detailing how a Swiss credit card company is using SAS to combat fraud.

http://www.sas.com/success/Visecacardsvcs.html?utm_medium=RSS&utm_source=Corp_SuccessStory

(Side note: congrats to Switzerland on the huge upset against Spain in the World Cup!  Monster win for the Swiss!).

Viseca has managed to drop fraud related losses by as much as 15% using SAS Analytics and loss per-fraud-case by as much as 40%.    These reductions come at a time when credit card fraud is doubling annually.

SAS Analytics works by detecting about 60% of fraud at the time of the transaction and then uses offline processing to catch another 20% of all total fraud at Viseca.

Viseca claims that credit card profit margins are ~ a tenth of one percent so any dollars saved against fraud go straight to the bottom line.

SAS uses data mining, pattern recognitions, case based analysis and intelligent decision analysis to track and detect credit card fraud online also.  This is where the large growth of credit card fraud is taking place.  Man, if we could get an Intrusion Detection System with that type of intelligence, that would be huge.

SAS is doing a lot more in the infosec arena these days.  Keep up with what we are doing.

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