SAS and HSBC announced in Hong Kong a long-term partnership to transform the payment card fraud-detection market to protect online and offline users.
"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. We are impressed with SAS' understanding of our business
goals and its flexibility to meet our demanding requirements," said Siddharth N. Mehta, chief executive officer at HSBC North America Holdings Inc.
Each year, banks and financial organizations across the world lose more than $2 billion annually to payment card fraud. Over the last decade, as banks have developed improved processes and systems to identify and stop fraud, fraudsters have also adapted.
Today most banks rely on fraud-detection systems, but the types of fraud threats faced by card issuers evolve rapidly.