Fraud detection

When it comes to security, fraud detection, or compliance, then Big Data is your soulmate, and precisely if your soulmate helps you in identifying and preventing issues before they strike, then it becomes a sweet spot for business. Most of the time, fraud detection happens a long time after the fraud has happened, when you might have already been damaged. The next steps would be obviously to minimize the impact and improve areas that could help you prevent this from being repeated.

Many companies who are into any type of transaction processing or claims are using fraud detection techniques extensively. Big Data platforms help them analyze transactions, claims, and so on in real-time, along with trends or anomalous behavior to prevent fraudulent activities.

The National Security Agency (NSA) also does Big Data analytics to foil terrorist plans. With the help of advanced Big Data fraudulent techniques, many security agencies use Big Data tools to predict criminal activity, credit card fraud, catch criminals, and prevent cyber attacks, among others. Day by day, as security, compliance, and fraud change their patterns, accordingly security agencies and fraud transaction techniques are becoming richer to keep a step ahead for such unwanted scenarios.