The roles of data analysis and training in fraud prevention
Security stems in part from understanding and preparing to mitigate various kinds of fraud.
The problem with fraud detection for remote services isn’t that humans can’t see red flags when looking at facts about a consumer’s life and finances. The problem is that humans don’t have the time or access to review enough data—in a broad enough context—to make adequately informed decisions.
That’s what data analytics tools do for financial institutions, says Chris Ryan, who leads fraud and identity product marketing for CUESolutions Silver provider Experian North America, Costa Mesa, California.
Three Types of Fraud to Analyze
According to Ryan, a strong, basic data analytics solution should be able to analyze transactions for at least these three types of fraud:
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