Analyzing #bigdata to fight #fraud

by. Brandon Bogler

Data analytics is dramatically changing fraud detection with advanced analytic solutions that are powerful and fast enough to detect fraud in real time and proactively identify risks.

Fraud is an adaptive crime, and many sophisticated criminals are armed with the latest in accessible, affordable technology and malware. That means financial institutions (FIs) need to stay a step ahead. Big Data is evolving in ways that may help FIs do exactly that.

As organizations and employees increasingly operate in mobile, web and social-media environments, taking advantage of information identified via analytics can provide FIs an important fraud-detection edge. In fact, industry experts predict that Big Data will continue to play an ever-increasing role in the way FIs fight fraud.

Of course, one of the first steps to using Big Data is to understand data analytics. After all, data alone cannot fight fraud. FIs must learn to effectively decipher and gain insight from the data before expecting it to make a difference.

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