Using Big Data to prevent fraud

Big Data For Better Security

The term Big Data has been used by a number of different industries as a way to determine what customers want and how to improve relationships with current consumers. As businesses are able to not only obtain large volumes of information, but also connect this data to find major trends or preferences, retailers and services can better work around customers’ needs and predict what is most wanted to increase sales and profits.

But there are other ways in which Big Data can be used to benefit both businesses and their clients. Some banks are using this information to protect themselves against fraud, and prevent fraudulent behavior from happening in the future.

Aaron Caldiero of Zions Bank explained in an interview that when fraud does occur at their company, Big Data allows their security team to act much more quickly and find trends without excessive research.

“When incidents occur, we don’t have to track down the data to be able to analyze it,” Caldiero, a data scientist, said to Information Security Media Group. “We’re able to have that at our fingertips ready to go to get answers to those questions, and the data repository also acts as a large source for testing models as we develop them.”

With this information easily accessible, banks are able to better find what may have allowed the breach to happen, and determine more efficient ways to protect their assets. Additionally, as this risk management software and increased information allows bank security teams to determine what is most common among fraud, it can lead to better lending decisions..

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