Big Data Analytics Fraud Detection and Risk Management in Fintech

Similar to as fraudsters are becoming more comprehensive in their attacks, so too are avenues companies can guard their data. Big data analytics is crucial for fraud detection, prevention, and risk management. As per the Association of Certified Fraud Exmainers’ Reports to the Nations, organizations proactively using data monitoring can minimize their fraud losses by an average of about 54% and identify scams in half the time. Big data analytics is alternating the patterns in which companies prevent fraud. AI, machine learning, and data mining tech stacks help counteract the hydra of fraud attempts affecting more than 3 billion identities each year. In short, big data analytics techniques can help identify fraudulent activities and offer actionable reports used to monitor and prevent fraud- for businesses of all sizes. Read less