British banking group HSBC is implementing fraud prevention software supplied by UK business and technology consultancy Detica at its retail banking operations.
Detica says HSBC has licensed its NetReveal product which enables banks to reduce exposure to fraud by using social network analysis and scoring technology.
The tool identifies behavioural connections between accounts and customers that are not picked up by traditional systems, says Detica. The bank is now adding the product to its portfolio of retail banking fraud prevention measures.
Brendan Pickering, head of group fraud technology, HSBC, says the decision to purchase NetReveal was based on the "significant return we achieved very rapidly from a pilot study".
Detica was up 10.50 pence, or 5.40%, to 203.75 pence in mid-morning trading on news of the deal.
In November Detica reported a "sharp decline" in business from investment banks towards the end of its first half following the global credit crunch.