Managing Online Fraud with Skytree Advanced Analytics Solution Sheet

The financial services industry has been on the cutting edge of using Big Data. Each customer transaction, response, act of fraud, defection, credit default, and complaint provides a data point from which to learn. One of the key uses of Big Data by fi nancial institutions involves detection and prevention of fraud. Fraud is a signifi cant, ever evolving, and growing challenge for the fi nancial services industry with global credit, debit, and prepaid card fraud losses exceeding $11.3 billion in 2012, according to The Nilson Report. In addition, Kaspersky Labs reported that the number of malicious programs on smart phones and tablets targeting banking fraud doubled from 2012 to 2013.