Financial services industry will begin making significant strides in 2014 toward using data analytics to fight fraud, experts predict. The value of using big data to help prevent or detect fraud is becoming clearer, helping institutions make a business case for data analytics. Big data analytics helps banking institutions understand activity patterns among their own customers and the broader industry. Smaller institutions are turning to third parties, including core processors, to help them analyze customer data to enhance fraud prevention, experts say. “Such culture change has to happen for the big data approaches to become pervasive across the industry,” Gartner’s Anton Chuvakin says.”]
Source: https://www.databreachtoday.com/using-big-data-to-prevent-fraud-a-6251