Training

Big Data , Big Data Security Analytics , Electronic / Mobile Payments Fraud

Enterprise Fraud Management: Breaking Down Silos

Enterprise Fraud Management: Breaking Down Silos

60% of organizations were exposed to actual or attempted fraud loss last year. As fraud and risk increases year over year, the amount of data being collected increases as well; looking into this data could provide a wealth of knowledge in supporting your payments risk management efforts.

Leveraging data from recent global fraud surveys, this session will explore:

  • The importance of data in fraud management efforts;
  • How varying data points can provide a broader picture of individual or group behavioral profiles;
  • The place for analytics in risk mitigation - BASEL III, fraud and money laundering.

Background

Employing a Big Payment Data strategy to facilitate payments risk management not only requires access to specific data elements but also an understanding of what unusual activity may look like - ideally before a transaction is completed. While ACH, wire, card, branch and other transactions come with certain sets of financial data, layering on non-monetary data such as online session details, account status information, change of address, mobile device ID, etc. adds additional context to the transaction but also adds complexity to fraud mitigation efforts. Any payments risk management solution must consider the volume and variety of data, in real-time, and quickly and accurately process information to detect and prevent fraud and money-laundering activities. If you don't have the right data in the mix, you run the risk of missing something big.

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