Big data and the financial services industry are starting to work in tandem with one another in a variety of areas that help detect and analyze information. One area that’s needed more growth is in fraud detection on bank cards. During the holiday season, particularly, the chances of fraud on someone’s bank card can significantly increase and potentially cost banks millions of dollars to repair the situation.
Fortunately, big data has already been there recently to help weed out information to track down fraud. During that process, banks detecting fraud on bank cards usually meant an immediate freeze and a significant delay while they investigated. Now, with some improvements, one company is developing a real-time big data solution to detect fraud without requiring delays. Fraud Detection Without Disruptions A company called HortonWorks and their systems integration partner Pactera have developed a new analysis tool that allows continued use of a card without interruption thanks to a quicker analyzing process.
The system they use evolves big data even further and shows how analyzing vast amounts of structured and unstructured data in less than a minute can give a real-time picture of card fraud. The above works through a four-tiered system that can gain an accurate idea of whether someone else has used your bank card to make a purchase. This works by acquiring data, analyzing predictive models, integration, then an accurate decision. But it’s a program called Apache Storm from HortonWorks above that’s helping to analyze the data even faster.
When integrated into Hadoop, it’s becoming a powerful new tool that’s going to revolutionize the time it takes to analyze data. What Apache Storm Can Do This program touts being able to process one million messages every minute with extreme accuracy. It helps prevent and optimize various situations for any type of industry, though going after fraud for the financial industry is becoming one of its notable strong suits. It also can detect compliance violations in mere seconds. Big Data and the Impact on Future Holiday Shopping In coming years, consumers may not have to worry about card freezes when fraud suddenly occurs. It’s a true miracle to think card fraud can be scoped out in real time without disturbing consumer purchases, particularly during the holiday season. This also saves plenty of embarrassment for a consumer getting their card denied in the middle of a store transaction.
Big data has finally come to a point where it’s showing the true benefits of what it can do and will do before the end of the decade. For those who operate financial institutions, employing big data now is going to eliminate much of the risk that’s been so prevalent in that industry. Here at Comrise, we provide big data solutions for the financial industry as well as many other industries.
With 30 years experience managing IT and providing workforce solutions, we’re now a leader in big data and integrating all of our services into major companies across the country. Contact us so we can analyze how your financial institution can benefit from big data. We use quality HPCC systems and the programming language ECL as the best industry methods to process data faster than you ever thought possible.