Think Tank | Big Data Analytics and the Impact on Fraud
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Big Data Analytics and the Impact on Fraud

Think Tank - 2:55 pm - 3:20 pm

Financial fraud is, unfortunately a huge business, with annual losses so massive that were Fraud a country, it would have the fifth highest global GDP. While enterprises in the financial services sector have always used analytical processes to detect and limit those losses, as technology moves forward the analytical capabilities that can be brought to bear increase in exponentially in capability and those on the leading edge are able to see, and stop, more fraud in less time. Just as Big Data capabilities are bringing significant business benefit to other aspects of the business, they can to fraud mitigation but several challenges need to be overcome for maximum efficiency. Only by addressing quality, volume, security, and integration challenges and by further ensuring the right staff with the right skills are in place can benefits actually be realized. 

Takeaways:

  • The increased use of unmanned technology combined with ever quicker financial transaction processing has created a world ripe for the proliferation of fraud
  • In a fight fire with fire approach, those same machine learning approaches can be repurposed to analyze transactions looking for the needle in the needlestack that is the illicit one
  • A Big Data approach only works with the right foundation; garbage in garbage out has never been more true and data and process rigor is essential to success