MARLOW – In an era where consumers demand instant credit decisions, SAS, a leader in analytics, has teamed up with ThreatMetrix®, a digital identity solutions provider, to enhance fraud detection capabilities for financial institutions. The collaboration aims to provide a sharper focus on identifying fraudulent activities in online credit applications.

James Ruotolo, SAS’s Director of Product Management and Product Marketing for Fraud and Security Intelligence, emphasized the industry’s struggle to balance security and customer convenience in authentication measures. He highlighted the crucial need to discern the true identity behind credit applications to prevent significant financial losses due to fraud.

ThreatMetrix, analyzing over 110 million transactions daily across its extensive network, offers valuable insights into users’ digital identities. Leah Evanski, ThreatMetrix’s Vice President of Alliances, revealed that one in nine new online account applications is fraudulent, underlining the importance of leveraging ThreatMetrix’s Digital Identity Network for fraud detection.

Stu Bradley, SAS’s Vice President of Fraud and Security Intelligence, stressed the significance of contextual data in authentication processes. He explained that augmenting SAS’s advanced analytics with ThreatMetrix’s global shared intelligence enables financial institutions to distinguish between legitimate and fraudulent transactions effectively.

The collaboration between SAS and ThreatMetrix aims to empower financial institutions to transition from transaction-centric to identity-centric fraud prevention. To explore further how analytics and AI can bolster fraud detection capabilities in banking, SAS has released a white paper titled “Detecting and Preventing Banking Application Fraud.”