SAS sets up new division to help companies deal with frauds

Denver: Data analytics major SAS has created a new division to help organisations fight frauds and cyber crimes with the help of artificial intelligence and advanced analytics, according to company officials.

The setting up of the new division also comes at a time when there are rising concerns over data security, especially with the controversy over data breach of millions of Facebook users.

"To help organisations better detect and combat the ever-present threat of fraudsters and hackers, we have created a new global fraud and security intelligence division," the company's co-founder and chief executive Jim Goodnight said.

He made the announcement at the ongoing four-day SAS Global Forum 2018 here in the United States. Over 30,000 business and IT users of SAS software on-site and online are participating in the conference.

The new division would be headed by Stu Bradley as Vice President.

Bradley said the division would further focus and sharpen the company's fraud and cyber security portfolio. More than 400 employees in 25 countries across the Americas, Europe and Asia would be realigned to support this new division, he added.

"We plan to add 100 more employees to the division over the next three years to accelerate innovation and allow us to connect with customers in newer ways. Of this, 50 new positions are likely to be added by the end of the year," Bradley told PTI.

He said already organisations as diverse as Amica Mutual Insurance, Societe Generale, and the largest bank in Iceland Landsbankinn are using the SAS Fraud & Security Intelligence solutions to protect their customers from the rising tide of frauds and security risks.

SAS Director for Analytics Products Saurabh Gupta said they would use more and more technologies like the artificial intelligence, machine learning, the Internet of Things and the cloud to better serve and secure their customers.

"We want to help them to break down data silos, adjust to shifting regulations, and safeguard against present and future risks," Delhi-born Gupta said.

According to the Association of Certified Fraud Examiners, an organisation loses 5 per cent of its annual revenue to frauds, which is hundreds of billions of dollars in losses worldwide annually.

Global consultancy PwC's 2018 global economic crime and frauds survey found that there has been a massive spike in frauds and economic crimes in the past two years, with as much as 49 per cent of companies becoming victims of such crimes.

SAS has also launched an intelligence and investigation management product, powered by its Visual Investigator that would help law enforcement agencies.

Visual Investigator alerts investigators, case workers or analysts about heightened threats and then use advanced text analytics with dynamic as well as interactive visual workspaces to easily grasp the causes of the events, Senior Director for frauds, compliance and investigation solutions at SAS Michael Ames said.

The first leg of the 2018 edition of the Global Forum is being held from April 8-11 in the capital city of the mountainous US state of Colorado, Denver that is better known as the Mile High City.