Business analytics firm SAS has created a R&D division to create applications to detect fraud and ensure compliance.
The company has created the new SAS R&D Fraud and Compliance Solutions Division to address the need for enterprises to detect multichannel fraud and regulatory non-compliance.
SAS will enhance the capability of existing products and create new application by adding the power and speed of SAS in-memory, streaming and distributed computing technologies.
In addition, the company is also planning to expand applications to help other industries such as utilities and telecommunications with fraud, compliance, and security challenges.
The company will release first of such products called SAS High-Performance Anti-Money Laundering in 2013, which claimed to provide scenario tuning using SAS Visual Analytics.
The application claimed to reduce the running of what-if scenarios from hours to seconds allowing enterprises find out and address themost critical risks.
The application consolidates multiple SAS foundational technologies for detecting, preventing and managing fraud and compliance including high-performance analytics for fighting money laundering and terrorist financing.
In addition to updating SAS Anti-Money Laundering, SAS Enterprise Case Management and SAS Fraud Framework for Insurance in 2012, SAS has also introduced the SAS Financial Crimes Suite.
The company has also expanded its portfolio for financial services to address fraud and financial crimes.
SAS Fraud Framework for Health Care employs rules, anomaly detection models, predictive models, text mining and network analysis to spot fraud schemes, dig deeper and illuminate relationships among fraudsters.
SAS Health Care Fraud principal Julie Malida said: "The SAS Fraud Framework for Health Care uses text analytics to bring medical records, free-form claims text, call-center logs and customer service records into the analysis. Because much valuable health care information lives in unstructured text, SAS can help plans like no other software."