Using Big Data to Prevent Fraud , Why More Institutions Will Turn to Analytics in 2014

The financial services industry will begin making significant strides in 2014 toward using data analytics to fight fraud, experts predict. The value of using big data to help prevent or detect fraud is becoming clearer, helping institutions make a business case for data analytics.

But right now, only a handful of banking institutions throughout the world are adequately using big data to enhance security, says Anton Chuvakin, security expert and analyst for the consulting firm Gartner. That could change in 2014, but it's going to take a lot of work, he adds.

Institutions need to start by asking more questions about the data they currently have, not the data they want, Chuvakin says. "Let's go into our data and see what is up, then create new analytic approaches to detect and investigate it," Chuvakin suggests.

Because it's easy to get overwhelmed by big data projects, some experts advise those just jumping into the game to start off small (see Big Data Analytics: Starting Small).

By Tracy Kitten, November 25, 2013. 

READ MORE:  Bank Info Security