Big Data Analytics in Financial Fraud2051
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Financial fraud methods are becoming more sophisticated and the techniques to combat such attacks also need to evolve. Financial institutions have been investing on preventing and combating fraudulent attacks but the extent and nature of financial fraud continues to change. While eliminating financial frauds is not a practical goal, there is a need to evolve the ways fraudulent attacks are dealt. Clearly, the paradigm needs to change and big data, it appears, is a novel and potentially potent weapon.
Big data has brought with it novel fraud detection and prevention techniques such as behavioural analysis and real-time detection to give fraud fighting techniques a new perspective. Analytics allow financial institutions to gain a deeper understanding of suspicious activities, derive patterns and locate unusual transactions that are helpful in preventing fraud. Financial institutions are slowly waking up to the new ways of fighting fraud.