How Big Data is revolutionizing Fraud Detection in Financial Services

Join Hortonworks and Pactera for a Webinar on Unlocking Big Data’s Potential in Financial Services Thursday, November 21st at 12:00 EST.

Have you ever had your debit or credit card declined for seemingly no reason? Turns out, the rejections are not so random. Banks are increasingly turning to analytics to predict and prevent fraud in real-time. That can sometimes be an inconvenience for customers who are traveling or making large purchases, but it’s necessary inconvenience today in order for banks to reduce billions in losses due to fraud.

Fraud detection has traditionally focused on looking for factors such as known bad IP addresses or unusual login times. Big Data is dramatically changing that approach with advanced analytic solutions that are powerful and fast enough to detect fraud in real time and proactively identify risks.

The Big Data Solution that Detects Fraud without Disrupting Service

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Hortonworks Systems Integration Partner Pactera is developing a Big Data solution for a financial services client that can detect fraud without disrupting service to valuable customers. This solution will process massive amounts of structured and unstructured data from a hybrid of sources. Models and algorithms are used to find patterns of fraud and anomalies in the data to predict customer behavior.

Real Time Big Data Architectures (RTBDA) require a multi-tiered architecture. The architecture is made up of four (4) tiers that include data, analytics, integration, and decision.
At the data tier, RTBDA requires the implementation of both batch processing using MapReduce and stream processing using technologies such as Apache Storm. The ability to read, analyze and react to streamed data such as a credit card transaction is essential, and Storm can take advantage of the distributed platform to perform sub-second response time.
Hortonworks Data Platform 2.0 will support Storm, and thanks to YARN‘s ability to support multiple workloads, Pactera can engineer a solution that results in sub-second decision making for intelligent financial decisions that save you and the bank millions of dollars.

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Fraud is an adaptive crime and most fraudsters are armed with the latest in technology. That means financial service institutions need to stay a step ahead. Big Data is becoming the go-to solution banks have been looking for to prevent and attack fraud without affecting the experience of the customer.

Pactera: BI experts

Pactera is a leading provider of Business Intelligence, Solution Architecture, and enterprise performance management services. They have successfully provided BI and data warehouse solutions for many Fortune 500 and other prominent companies. Using global project management and quality control methods Pactera delivers timely and reliable services, professional project management, project execution, and business process optimization.

Learn More

Join Hortonworks and Pactera for a Webinar on Unlocking Big Data’s Potential in Financial Services Thursday, November 21st at 12:00 EST.

Visit Hortonworks.com/partner/pactera or Pactera.com for more information.

Find out more about Hortonworks Data Platform 2.0 and its YARN-based architecture for multiple workloads.

Categorized by :
Administrator Architect & CIO Architecture Data Analyst & Scientist Developer Hadoop Ecosystem HDP 2 MapReduce Storm YARN

Comments

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July 11, 2014 at 12:40 pm
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Pretty! This was a really wonderful article. Thanks for supplying this
information.

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