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.
New Jersey-based Comrise Technology, Inc., a leading minority-owned IT staffing company specializing in direct and contract staff augmentation, recruitment process outsourcing (RPO), payroll services, vendor management, and managed IT solutions, was recently recognized by Staffing Industry Analysts on its 2011 Diversity Staffing Firms list.
With headquarters and branch offices throughout the U.S. and China, Comrise has built a global reputation by providing top-caliber consultants and professional services to a wide range of industries, including IT, Telecommunications, Financial Services, Pharmaceuticals, Clinical Research, and Electronics. Comrise works closely with clients in order to deliver world-class professional consultants who will streamline their business operations.
Comrise General Manager, Thomas Liou, said: “We are honored to appear alongside other staffing companies who share our commitment to diversity. We believe it is this commitment that sets Comrise apart and allows us to offer the highest levels of customer service to our clients around the world. Comrise continues to seek new opportunities to work with companies that value our minority status in forming many mutually beneficial business relationships. In fact, Comrise is also committed to passing on the same benefits to its own network of suppliers through Comrise Technology’s Supplier Diversity Program.”
For more information regarding the complete Diversity Staffing Firm List by Staffing Industry Analysts, please visit www.staffingindustry.com
About Staffing Industry Analysts:
Staffing Industry Analysts is the global advisor on contingent work. Known for its independent and objective insights, the company’s proprietary research, award-winning content, data, support tools, publications, and executive conferences provide a competitive edge to decision-makers who supply and buy temporary staffing.
Comrise Technology is a minority-owned IT staffing company specializing in direct and contract staff augmentation, recruitment process outsourcing (RPO), vendor management, and managed IT solutions. With headquarters in the U.S. and China, as well as over 28 years of industry experience, Comrise provides local talent and resources on a global scale. To inquire more about our services, contact us or see what we do.