Canadian Treasurer
 

December 13, 2011

SAS and TransUnion create unique consortium designed specifically to combat financial fraud

TORONTO-- SAS Canada, the leader in business analytics software and services and TransUnion, a global leader in credit and information management, today announced the development of one of the first consortiums in Canada  that will leverage anonymized credit file information, in conjunction with application and fraud data from participating financial institutions to greatly enhance fraud detection.

Through the consortium, participating institutions will have access to a service that leverages TransUnion's database containing more than 20 million consumer credit bureau files and employs SAS' proven fraud detection technology, which includes business rules, social network analysis, predictive modeling, and anomaly detection. This combination of existing credit bureau data, credit and loan application data, and advanced software framework will help financial institutions spot fraudulent activity, especially undetected connections that exist between members of fraud rings.

"As an industry leader in both fraud protection and detection for both business and consumers, TransUnion is pleased to working with SAS on this Consortium, helping to enable the industry to stay one step ahead in the ever-changing fraud environment," said Sonja Schindeler, TransUnion's vice president, fraud solutions. "This initiative will also help us set a benchmark for fraud going forward regarding the degree, impact and cost it is exacting on institutions at every level."

The solution will incorporate historical data from participating financial institutions, including approved and declined application data, as well as information on incidences of known fraud. This information, along with TransUnion's credit bureau information, and other TransUnion fraud data, will be incorporated into a predictive fraud identification model.  SAS advanced analytics will drive the modeling process.

"These criminals are smart so we need to modernize our approach to combating them", said Dan McKenzie, Financial Crimes Solutions Specialist for SAS Canada. "This joint effort will combine cutting-edge technology with rich historical data to give Canada's financial institutions a much broader and more accurate picture of fraud."

SAS Social Network Analysis (SNA), integral to the solution's success, is a powerful tool for understanding the structure of social and organizational networks. Also known as Link Analysis, SNA is the mapping and measuring of relationships between people, groups, their organizations, as well as computers or other information and knowledge processing devices, such as cell phones. In short, it analyzes data and presents findings that reveal such connections as "who knows whom," "who calls whom," and "who does business with whom." SNA  provides a unique network visualization that enables investigators to actually see connection points so that they can uncover previously unknown relationships and conduct more effective investigations. This technology, coupled with TransUnion's robust bureau files, will significantly boost fraud detection by putting all of the relevant information at investigators' fingertips.

By getting meaningful and actionable information in a timely manner, the financial industry will be better positioned to reduce fraud and risk exposure on a variety of fraudulent activity including, first party fraud, suspicious applications, account takeovers, and fictitious IDs.

 

 

 

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