ChannelLife Australia logo
Industry insider news for Australia's technology resellers
Story image

SAS and Greater Bank launches new AML and fraud service

By Jessie Chiang
Fri 17 Jun 2022

Australian company Greater Bank and analytics and AI business SAS have joined forces to deliver a new fraud detection and anti-money laundering solution that bolsters the protection of its 270,000 plus customers.

The companies say financial fraud and crime threats accelerated through the pandemic and are soaring worldwide. As a result, banks are increasing their investment in fraud detection and prevention technology to keep customers safe and ensure trust is maintained and they meet regulatory standards. 

A new 2022 Anti-Fraud Technology Benchmarking Report survey from SAS and the global industry body, the Association of Certified Fraud Examiners (ACFE), shows that 60% of businesses worldwide expect anti-fraud technology budgets to grow over the next two years. 

Greater Bank says robust anti-fraud and anti-money laundering capabilities from SAS are strategic components in its digital transformation, which has been in development over the past three years. 

It says the formation of strategic partnerships has been fundamental to its objectives to strengthen and simplify IT operations, revolutionise customer experiences, and ultimately, continue to be a significant challenger to the larger banking competitors. 

Greater Bank says partnering with SAS to provide a new fraud and AML platform has been crucial in ensuring efficiency and compliance within the regulatory banking function. It says after engaging external advisors and exploring the market for on-premises and cloud solutions, Greater Bank sought a Hosted Managed Service. 

The company selected SAS to implement and run its fraud and AML technology, hosted on SAS's preferred cloud platform, Microsoft Azure. It says this will transform the bank's cybercrime toolkit into a world-class offering that will deliver rapid staff and customer experience benefits.

Greater Bank group general counsel and company secretary Greg Nyman says digital transformation comes in many different shapes and forms. 

"It's large and comprehensive for us at Greater Bank - there are numerous streams of activity and various exciting changes occurring," he says.

"In that new bank, SAS is driving solutions for fraud and AML that support our entire enterprise. There's no distinction between different channels or aspects of our bank. This is an enterprise solution by any definition, and we entered into this relationship with SAS, selecting the partner that we thought could support us with a package for our entire organisational needs."

Implementation will see Greater Bank's multiple homegrown, disparate IT systems transformed to meet organisational fraud and AML requirements. Despite different systems built over time, SAS is equipping the bank to significantly decrease manual intervention and, in turn, enhance the user experience for both employees and customers.

"In our quest to become a more agile, nimbler organisation, SAS is helping us to simplify our IT operations by eliminating the need to manage our own on-premises infrastructure," says Nyman.

"Not only does this align with our own cloud journey and strategy, but it will enable us to invest more time into creating a safe, secure, and reliable environment for our customers that ultimately allows us to focus on growth, building upon a really solid base of established trust."

"The AML and fraud solution from SAS is grounded in ease-of-use, real-time data insights and automation, allowing us to act more rapidly than ever before to remedy any potential threats."

SAS director of financial services for A/NZ Neil Vasey says the company has seen increased reports of fraud and evolving money laundering threats over the last 12 months.

"It's a trend we, unfortunately, don't expect to slow. Its now crucial for banks to have intelligent data and analytics systems in place that reduce the threat and ensure nimble, rapid resolution," he says.

"Greater Bank is now well ahead of the curve with its new AML and fraud solution in place."

Related stories
Top stories
Story image
Microsoft
TO THE NEW unveils A/NZ Managed Services for Microsoft Azure
TO THE NEW has released Managed Services for Microsoft Azure to meet the growing demand in the A/NZ market and globally.
Story image
Sustainability
Honeywell launches new carbon energy management software for buildings
The new Carbon & Energy Management service allows building owners to track and optimise energy performance against carbon reduction goals, down to a device or asset level.
Story image
Infrastructure
Global investment in data centers more than doubled in 2021
DLA Piper's latest global survey finds the total investment in data center infrastructure worldwide rose from USD $24.4 billion in 2020 to USD $53.8 billion in 2021.
Story image
Tech job moves
Tech job moves - ActiveCampaign, Arcserve, LogRhythm & Qlik
We round up all job appointments from June 17-22, 2022, in one place to keep you updated with the latest from across the tech industries.
Story image
Cloud
SAS and Greater Bank launches new AML and fraud service
Greater Bank and SAS have joined forces to deliver a new fraud detection and anti-money laundering solution that bolsters the protection of its 270,000 plus customers.
Story image
Attack
Phishing attacks are making a comeback
No matter what approach or tool cybercriminals use to breach a network, they all have one thing in common: access.
Story image
CRM
Microsoft launches app for modern selling experience
The new release is designed to enhance CRM systems with customer engagement data from Microsoft 365 and Microsoft Teams.
Story image
Internet of Things
Domino's Pizza: A blueprint for secure enterprise IoT deployment
Increasingly, organisations are embracing smart technologies to underpin innovations that can enhance safety and productivity in every part of our lives, from industrial systems, utilities, and building management to various forms of business enablement.
Story image
Digital Transformation
Apptio adds portfolio enhancements to promote digital strategy
"While digitalisation creates opportunities, it also makes budgeting far more complex, leading many companies to waste substantial funds."
Story image
Identity and Access Management
Ping Identity launches corporate venture capital fund
Ping Identity has launched a corporate venture capital fund to foster innovative offerings for the identity security market.
Story image
Cybersecurity
Australia worst in the world for mobile app threats
Australia is the country with the highest percentage of mobile app threats detected, according to new research.
Story image
Artificial Intelligence
Abnormal Security finds financial supply chain under threat
New research by Abnormal Security has found a rising trend in financial supply chain compromise as threat actors increasingly impersonate vendors.
Story image
Manhattan Associates
New late-stage order cancellation to improve customer service
Manhattan Associates launches new service allowing orders to be cancelled up to the point of manifested/loaded status, preventing unwanted shipments and costly returns.
Story image
Digital Transformation
Cybersecurity priorities for digital leaders navigating digital transformation
In recent years, Asia-Pacific has especially been a hotspot for cyberattacks, and as we continue into 2022, it’s evident that the problem is becoming more significant.
Story image
Cloud
NetApp announces winners of APAC Partner Excellence Awards
These awards recognise partners that have demonstrated success in delivering new cloud experiences, unlocking greater business value for their customers.
Story image
3D Printing
Fleet Space, Konica Minolta partner for 3D printer offering
Fleet Space has partnered with Konica Minolta to implement 3D printers from 3D Systems to support the commercial small satellite manufacturer’s offerings.
Story image
DDoS
Flashpoint unveils security offering for school boards
Flashpoint has released its K-12 risk management and security offering to provide school boards and education security practitioners with tools to recognise, prevent and manage cyber and physical threats.
Story image
SaaS
Varonis strengthens security capabilities for AWS and S3
Varonis has strengthened and expanded its cloud and security capabilities, with a critical aim of improving safety and boosting data visibility in Amazon Simple Storage Service (S3).
Story image
B2B
Corpay partners with supply chain platform PracBiz Exchange
Corpay's new partnership with PracBiz’s allows more than 4000 B2B suppliers on the latter's platform to use Corpay's global payments services.
Story image
Hybrid workforce
Why hybrid working is here to stay and how to ace it
Citrix's new report reveals hybrid workers are more productive and engaged at work than their office and completely remote counterparts.
Wiise
Is your on-premise ERP holding you back? Many Australian businesses are moving from on-premise to the cloud so they can streamline processes and access up-to-date business data on the go. Here’s 5 signs that you’re equipped to migrate from on-premise to the cloud.
Link image
Story image
Apple
Jamf updates healthcare IT to protect data on Apple devices
Jamf has rolled out new functionality to help healthcare and IT teams protect patient data and streamline clinical access for their Apple fleet.
Story image
INTERPOL
Hundreds arrested, millions seized in global INTERPOL investigation
A two-month-long investigation by INTERPOL this year involved 76 countries and clamped down on organised crime groups behind telecommunications and social engineering scams.
Story image
Citrix
The best ways to attract young talent during labour shortages
New research from Citrix reveals hybrid working and ventures into the metaverse are top of mind for Gen Z workers.
Story image
inDriver
New ride service inDriver arrives in Melbourne - pick your own fares
inDriver has launched in Melbourne, Australia and says it's set to disrupt the ride-hailing industry by allowing passengers and drivers to set and pick their own fares.
Story image
Ransomware
Rapid7 report examines use of double extortion ransomware attacks
New insight into how attackers think when carrying out cyber attacks, along with further analysis of the disclosure layer of double extortion ransomware attacks, has come to light.
Story image
Review
Hands-on review: Philips Hue White and Color Ambiance Starter Kit A60
Philips’ range of Hue smart lighting promises to make any home a smart home. Techday’s Darren Price checks out the Philips Hue White and Color Ambiance Starter Kit A60.
Story image
Infrastructure
Lenovo announces launch of Retail Solutions portfolio in A/NZ
Lenovo has announced the launch of its Lenovo Retail Solutions portfolio across the A/NZ region, which they say will help retailers transform their business and face future retail demands.
Story image
Cloud
Cloudflare outage in 19 data centers worldwide due to own error
Cloudflare says its outage for 19 of its data centers yesterday was because of a change in a long-running project to increase resilience in its busiest locations.
Wiise
What are the 5 critical impacts of outdated systems? As the landscape continues to shift, having the right ERP will make or break Australian businesses. Discover 5 ways your current ERP might be letting you down.
Link image
Story image
Talend
Forrester names Talend Leader in enterprise data fabric
Forrester has named Talend a leader among enterprise data fabric providers in the Forrester Wave: Enterprise Data Fabric, Q2 2022 report.
Story image
Tech job moves
Tech job moves - Boomi, Limepay, Thales, VMware & Zoom
We round up all job appointments from June 6-16, 2022, in one place to keep you updated with the latest from across the tech industries.
Story image
10 Minute IT Jams
Video: 10 Minute IT Jams - An update from Rimini Street
Today we welcome back Daniel Benad, who is the GVP & regional GM for Oceania at Rimini Street.
Wiise
3 success factors for your distribution business in FY23. With growing challenges facing Australia’s supply chain, understanding your key priorities as a wholesale distribution business is crucial. Discover the 3 success factors for your distribution business in FY23.
Link image
Story image
Healthcare
Helping Western Sydney Local Health District provide a new model of care in the fight against COVID
Western Sydney Local Health District (WSLHD) and PwC’s Consulting Business came together to solve through the challenges of COVID-19.
Wiise
Project accounting not adding up? Successful job-based businesses all have one thing in common, it's the way they manage their job and project accounting. Discover the 4 success factors now.
Link image
Story image
Consumer
Adobe survey reveals link between brand trust and consumer buy-in
Adobe has announced results from a study, which finds a strong correlation between brand trust and consumer behaviour.
Story image
Gaming
Intel Arc A380 graphics units launched in China, global release imminent
New Intel Arc A380 graphics units are set to bring next-generation technologies to gamers and content creators in the coming months. 
Story image
Mitel
Martello and Mitel renew and extend their partnership
Martello has entered into an Amended Agreement with key partner Mitel, laying out the commercial terms under which it provides the Mitel Performance Analytics (MPA) software for sale to Mitel customers and partners.
Story image
Market growth
Salesforce unveils new offerings for consumer goods companies
Salesforce has announced new products for consumer goods companies to help brands navigate increasing market complexity more easily.
Story image
Cybersecurity
Aqua Security, CIS create software supply chain security guide
Aqua Securityand the Center for Internet Security have together released the industry’s first formal guidelines for software supply chain security.
Story image
FAQ
Techday's new Quickfire interview process explained
Techday is introducing a fantastic new streamlined editorial interview process. We explain the process and thoughts behind it.
Story image
trust
Consumers want personalisation, but don't trust brands with their data
Customers expect personalisation during every brand interaction but they don't trust brands to keep their personal data secure and to use it responsibly. 
Story image
Amazon Web Services / AWS
Zscaler, AWS accelerate onramp to the cloud with zero trust
Zscaler has announced an extension to its relationship with Amazon Web Services, as well as innovations built on Zscaler's Zero Trust architecture.