Big Data Market Size To 2020: Using Big Data in financial crime detection and prevention

In recent years there has been a rapid increase in online financial transactions.This means that monitoring these transactions and ensuring their security has become increasingly challenging. Big Data analytics is becoming an essential part of any strategy to help detect and prevent financial crime. It has become the current buzz word in technology. However, many are unaware of the fact that big data analytics has been effectively in use in the financial industry for decade.

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In the multi-channel world that we live in, the scale of analytics is growing rapidly. Predictive analytics and variations of other financial crime fighting techniques have been key components of a bankÂ’s toolkits for decades. But today, Big Data is changing the game. While banks have been employing these strategies for many years, Big Data has enabled banks to deploy real-time analytics on a massive scale. Financial fraud detection is becoming increasingly sophisticated and leading industry experts to speculate that future attacks on these systems could have a systemic impact on the financial system. To meet this risk, institutions must implement a financial crime risk management strategy that employs an analytical approach to detecting and mitigating financial crime. A range of techniques have to be used to detect financial crime but the core of any analytics system is built around behavioral profiling. By tracking the behavior of an individual account from initial client on boarding, through to transaction monitoring and customer management, it becomes possible to detect unusual account activity. The stage at which an institutionsÂ’ fraud prevention and detection systems will flag a transaction as potentially fraudulent depends on the risk profile of the individual or organization involved and the defenses that financial institutions have in place at any point in time need to be flexible enough to react to evolving typologies of financial crime. Such rapid change requires technologies, models and solutions that can be focused on preventing specific fraud attacks. WhatÂ’s more, financial institutions must be empowered to effect this change themselves based on their changing risk exposure. More than detection, prevention should be the norm of days and decades. As new forms of payments emerge so, too, do emerging forms of financial crime. A combination of behavioral profiling, real-time detection scenarios and predictive analytics provides the most accurate crime prevention methodology. Big Data Market Size Source : Grand View Research