In the financial services industry, fraud detection is critical. Fraud undermines performance, erodes customer confidence and damages company’s reputation. Customers demand simple, easy-to-use services but won’t accept vulnerability to fraudulent activities. The Association of Certified Fraud Examiners estimates the median loss of up to 5% of revenues, nearly $3.7 trillion dollars, and the need for a solution is more critical every day.
Organizations securing their transactions with next generation authentication gain a true competitive advantage. They meet customer expectations while those that don’t suffer lost productivity, damaged reputations, and lose customers and market share. It’s imperative to get proactive; tackling fraud by finding effective solutions to fight it. Fraud detection not only saves money by reducing costs and protecting profits, it restores customer confidence.
The biggest challenge is finding an effective fraud management system. Failure in this area simply isn’t an option; too much is at stake. What’s required is an effective real-time fraud detection solution that proactively identifies risks without disrupting service to valuable customers. This restores confidence, builds customer satisfaction and improves results.
We create advanced analytics solutions that satisfy both Business and IT requirements by delivering superior performance with healthy return on investment. Datatics solutions integrate disparate data sources, detect fraud faster with real-time integration, improve behavior monitoring, detect subtle patterns of behavioral anomalies and predicts future risk.
Working with each client to assess their data determines how to use advanced data analytics to accurately predict fraudulent activities and process customer data regardless of size or structure. The data goes through our vigorous data quality processing; models and algorithms find patterns of fraud and identify anomalies predicting customer behavior. This allows clients to take appropriate action when activity falls outside of acceptable parameters. In addition to rule-based models, methodologies, such as artificial neural networks and pattern recognition help with fraud monitoring and detection in real time. Actionable insights that boost performance, improves profitability and safeguards the client’s future.