Fraud Analytics for Financial Services
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Overview: When it comes to credit card transactions, two key goals drive the need for high- performance analytics: putting the lid on fraud while ensuring the customer relationships aren’t jeopardized through erroneous denials of legitimate transactions. Given the speed at which fraud is perpetrated, financial services businesses increasingly need to detect and halt fraud in minutes, rather than hours or days. “Our goal is to ensure that our customers can quickly put the lid on crime at the point of sale, while minimizing impact to customers,” says Russell Brown, business intelligence analyst at FIS, one of the world’s top-ranked technology providers to the financial services industry.
Besides the need for speed, financial services businesses, such as credit card providers, are grappling with the scale of their data. These data stores of data are constantly growing—for instance, authorization data, changing customer demographics, recent billing histories, etc. The complex and iterative queries that fraud detection specialists rely on need access to trillions of small pieces of information, in order to detect patterns of fraudulent activity, which can be buried deep within these data volumes.
ParAccel delivers the scalable performance demanded by business analysts working to detect fraudulent credit card activity in minutes, rather than hours or days. This solution brief explains how Fidelity Information Services (FIS) executives realized that they needed an analytics database solution that could keep up with additional fraud complexity as well as much larger sets of data to improve detection rates.