Detica, a business and technology consultancy, has reported that its NetReveal software will help banks to reduce exposure to fraud by using social network analysis and scoring technology. The tool can identify behavioral connections between accounts and customers that are not picked up by traditional systems. HSBC has added the product to its portfolio of retail banking fraud prevention measures.
Brendan Pickering, head of group fraud technology at HSBC, said that the decision to purchase NetReveal was based on the significant return we achieved very rapidly from a pilot study.
