Fintechs are increasingly used in fraud detection and prevention, usually by using big data techniques, algorithms and predictive analytics to continuously monitor number patterns, create early warnings systems and remote control of user accounts
F>raud prevention is an increasing vulnerable aspect of banking. It ranges from the simplest act of gaining access to systems through stolen passwords to sophisticated cyber security threats of the theft of banking details. Also included is identity theft which is also increasing, despite there being strong authentication methods like physical and behavioural biometrics.
Efforts to combat fraud have previously been focused on timely detection and quick remedial action. However, far more effort is directed on early warning systems, typically where complex data analysis is carried out on multiple data sources
The broad areas where we are seeing fintechs assisting combating fraud are:
- Continuous monitoring – systems that surface unusual patterns
- Data analysis – algorithms and real time detection of fraud
- Early warning – predictive analysis to identify indicators of fraud
- User control – clients control limits of accounts and cardsntact details
- Real time fraud prevention through machine learning models analysing big data
- Fraud Prevention for Ecommerce
- Early warning credit card data breach and fraud reduction solution by focusing on merchants big data
- Early Warning System for Detection of Credit Fraud
- Allows consumers to control which cards can be used for transactions- to combat fraud
- All-encompassing payment card management app that reduces fraud and enhances customer control.
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More on Matchi: Matchi is a global fintech innovation match-making firm, since 2013. Matchi has worked with over 100 leading banks and insurance companies (FIs) around the world, and has a database of over 2,500 fintech firms. Matchi provides both a highly curated portal of fintech solutions, as well as bespoke projects for FI clients to source targeted fintech solutions aimed at the FIs focus areas / pain points. The global Matchi team has run Innovation Challenges and Market Scans for multiple FIs around the world, in markets as diverse as Canada, Japan and India, as well as searches in other geographies.