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

Overview

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

Continuous Monitoring

• Enabling Financial Institutions to Beat Fraud and Stay Compliant

Data analysis

• Real time fraud prevention through machine learning models analysing big data
• Fraud Prevention for Ecommerce

Early Warning

• Early warning credit card data breach and fraud reduction solution by focusing on merchants big data
• Early Warning System for Detection of Credit Fraud

User Control

• 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.

• Prev
• Next