Big data can be a bad thing – if you can’t see the knowledge locked inside. That is particularly important when you are trying to see possible relationships and linkages. Cyber security is an area where data visualization technology would help uncover those linkages in a way that everyone can understand, even those without a statistics degree.
According to Gartner, in 2013 e-commerce and financial services companies will continue to be hit with distributed denial of service attacks and criminal social engineering ploys. Sadly, our electronic and digital channels are not as secure as they need to be to combat these cyber criminals while offering the new generation products and services a mobile audience demands.
Ellen Joyner says there are three ways banks can use analytics to identity and stop fraud while improving the customer experience. See if one of these will remove your roadblock.
In today’s world of cybersecurity threats, fraudsters use social media to gather personal information and target vulnerable places within your organization. The criminals have no boundaries when securing illicit funds and then funneling them through financial institutions disguised as legitimate financial transactions and eventually sending wires to offshore accounts.
New payment methods (NPMs) are fueling a rush of cyber-attacks across the world, so collaboration between law enforcement and financial institutions is critical to protecting consumers’ money. Ellen Joyner discusses the latest research from Javelin Strategy & Research and Juniper Research, and provides best practices for arming your organization while protecting your customer relationships.
KPMG’s ‘Global Anti-Money Laundering Survey 2011’ has discovered a number of trends that are significantly increasing the cost of compliance. But there is something that can be done to manage these costs.
Organized fraudsters love the big data battle because – for many organizations – siloed data and too much data make finding fraud as difficult as finding the same needle in a new haystack. Ellen Joyner says firms can bring big data and organized fraudsters down to size with a layered analytics approach combined with high-performance computing.
Today’s credit card customer behavior changes on the dime, so it’s no wonder that the tools for predicting their behavior are having trouble keeping up. Ellen Joyner says that maintaining that delicate balance between avoiding fraud loss and keeping the customer happy can be accomplished with a multi-layered approach. Read her thoughts in this post and the accompanying white paper.
Many of the technologies and techniques for making your business secure from fraud are probably in need of a refresh. Ellen Joyner Roberson has suggests using this new “regulatory season” as a time to update the old sytems to make the regulators happy and save money, create efficiencies and make your business more profitable.
Each year, cybercriminals steal as much as US$1B from small and mid-sized bank accounts in the US and Europe. Read about matching their sophistication with a new, hybrid strategy that incorporates new sources of data, real-time analytics and collaborations.