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Data Analytics in Fraud Detection and Prevention Marketing Articles | July 9 Maglia Cristiano Ronaldo , 2015
Fraud detection can be broadly segmented as Fraud Analytics and Authentication. Fraud analytics encompasses analytical tools and techniques with human manipulation and operations to help distinguish b...


Fraud detection can be broadly segmented as Fraud Analytics and Authentication. Fraud analytics encompasses analytical tools and techniques with human manipulation and operations to help distinguish between original and pseudo transactions. These transactions are mostly encountered by the occurrence of fraud during, before or after the completion of the transaction. Fraud analytics is a complex process that should preferably be executed in a dynamic and real-time framework. The procedure involves retrieval and storage of data and analysing the data for patterns, trends Maglia Mattia De Sciglio , anomalies and values which are deviating from the normal. The discoveries are then deciphered into meaningful business insights that can then aid the organization or enterprise to foresee potential dangers and build a proactive fraud prevention environment to effectively counter these dangers.


The general purpose of the threat and fraud analytics is the service offered to monitor transactions in the environment, detect suspicious and anomalous behaviour, and control outcomes by delivering the most recommended and effective response.


Organizations can effectively use the technique to their benefit since they possess an active inflow of business Maglia Wojciech Szczesny , consumer sales and purchase data from both internal and external sources alike.


The Fraud Analytics Market is segmented on the basis of deployment as Cloud fraud analytics and On-Premise fraud analytics. Fraud analytics is significant since these procedures identify potential risks areas, detect fraud and also subsequently provides information that helps them make more informed management as well as strategic decisions. The overall visibility of operational accuracy and performance and its impact on business has been seen in Small and Middle Enterprises (SME) as well as Large Enterprises.


The primary factors driving the market are the urgency to tackle the large scale occurrences of frauds and the need among organizations for operational and decisional transparency. Such a drastic step will also contribute in reducing risks at the cost of high implementation costs.


The market size for the technology is computed by considering the revenues generated through software subscriptions and licenses, costs of implementation and maintenance Maglia Gonzalo Higuain , fee on professional services and technical support etc. The Global Fraud Analytics market accounts for a rising majority of the Fraud Detection and Prevention market. In the segment, North America accounts for the major market share of the Global fraud analytics market share in 2014, followed by Europe and Asia Pacific (in that order).


Of the following regions Maglia Miralem Pjanic , APAC is showing a commendably high growth rate over the forecast period due to the fast adoption of fraud analytics for fraud prevention and improving operational performance. Globally, the countries of Latin America are performing exceptionally well in adopting the technology as part of their mainstream decision-making in a variety of industries.


A cyber hackerfraudster is constantly trying to discover gaps in the safety system, and use the loopholes to switch off the services and steal the data with the view of defrauding an individual or an organization.


A fraud analytics platform or suit consists of a series of steps that provides a flexible approach for an enterprise-wide detection Maglia Medhi Benatia , prevention and management of related activities. Such a package also involves the generation of insights with the help of libraries containing business-specific rules, regulations and algorithms that are derived from internal and external data sources and are scaled for a bigger data set

Article Tags: Fraud Analytics Market, Fraud Detection Maglia Stefano Sturaro , Fraud Analytics, Analytics Market