Technological advances have brought so much in terms of convenience and possibilities into our lives. However, as history continues to demonstrate, with every advancement we make, a new set of challenges appears. Where white collar crimes are concerned, advances in technology have changed the face of financial fraud and in some cases, have made it easier for criminals to commit financial crimes.
How Technology Helps White Collar Criminals
Making advancements in technology and technology itself are not necessarily the bad guys here, that being said, it has a lot to do with the weaknesses that our technologies contain. When new financial software and online capabilities really started to take off, there were some risks involved, but those risks or “holes” were not easily seen or detected at the time. Additionally, analysts may have seen some of the potential issues, but the solutions may not have been available or were possibly in the testing phases themselves.
With every new step we take forward, criminals are already 10 steps ahead, or so it seems. The problem with financial crimes is they come in a variety of styles and do not necessarily have a pattern that is easily detected, which makes them very difficult to identify or track. Part of the problem is the fact that criminals are also testing every possible scheme to ensure they are not easily detected. Unfortunately, technology helps them accomplish their goals more than we would like, so what is the solution?
SAS Software to The Rescue
While it might seem that advancements in technology actually help white collar criminals succeed, they do help the “good guys” succeed as well. Fraud detection software may not be new, but some developments have made major strides in helping to track, detect, and even prosecute white collar crimes, making everyone’s job a little easier.
SAS fraud software is helping companies stop criminals in their tracks through the use of a powerfully advanced analytics feature that helps businesses understand and detect customer fraud as well as any risk behaviors in terms of payment and authorization transactions through the implementation and use of one single platform.
What else makes SAS software so great? They’ve literally thought of everything, including the customer experience. Often, fraud detection apps and software tend to inconvenience and frustrate customers. To help overcome that obstacle, SAS came up with simple integrations to help improve customer experiences throughout the process while still having the ability to quickly and accurately detect a variety of fraud anomalies, which is essential because as previously mentioned, fraud patterns and styles are always changing.
Major banks, such as HSBC, have significantly lowered fraud incidences on millions of accounts and uses it as their real-time fraud detection and management software across their global network. The major feature of the software is that it guards and protects credit card and debit transactions in real-time, which stops criminals before they even get started, and in some cases can help track them down for authorities.