Fraudulent Transactions Detection System Implemented by Bank Muscat in Oman
Bank Muscat, one of the largest banks in Oman with assets worth over USD 30 billion, has successfully implemented an enterprise-level fraud management system to detect fraudulent transactions across all channels. The bank chose SAS Fraud Management System to identify and monitor financial transactions, including debit cards, credit cards, and digital channels such as internet and mobile banking.
Collaboration and Goals
The collaboration between Bank Muscat and SAS aimed to provide a powerful tool for investigating card-related and cross-channel fraud cases. The system has delivered real-time decision-making capabilities, detection, and blocking features, allowing the bank to have a 360-degree view of customer transactions under one platform.
- Reduce false positives by 15%
- Increase fraud loss prevention by 70%
Why SAS Fraud Management System?
The SAS solution was chosen due to its unique ability to take real-time decisions and detect fraudulent behavior across all channels and systems on a single platform. The system is scalable and can fit Bank Muscat’s current and future needs without affecting response time or customer satisfaction.
Key Features of the System
- Competitive edge in data management, analysis, detection, and reporting tools
- Scalable architecture to accommodate current and future business growth
- Real-time decision-making capabilities for efficient fraud detection and prevention
Challenge and Solution
The challenge for SAS was to develop transaction flows that could detect fraudulent behavior in real-time while keeping customer experience in mind. The system provided full-coverage of major systems and channel touchpoints, allowing the bank to change defined rules as needed.
Prior Implementation
Prior to implementing the SAS Fraud Management System, Bank Muscat used Visa Risk Manager for monitoring debit and credit card transactions. With the new system, the bank can now automate the detection process of fraudulent transactions and events, making it more proactive in detecting fraud.
Predictive Modeling Capabilities
The system also provides predictive modeling capabilities, allowing the bank to identify suspicious patterns based on historical transaction behavior and fraud history. Overall, the implementation has enabled Bank Muscat to move from a reactive approach to a proactive one in detecting fraudulent transactions.