Fraudsters are continually developing new techniques to rob financial institutions of billions of dollars. It’s a vast undertaking to keep up with criminals and their evolving schemes. Therefore, Big Data concepts are at the forefront of next-generation fraud management.
In an effort to combat fraud, credit unions invest heavily in data, analytics and technology. They rely on internal IT resources and external parties to convert massive amounts of data into business intelligence. More precisely, the predictive insights they need for better fraud prevention decisions.
In the era of Big Data, what are the implications for credit union executives who are trying to control fraud losses? In this white paper, we examine what the Big Data story means from a fraud control perspective. And we provide ten ways to leverage Big Data for fraud mitigation.