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Anomaly Detection Can Help Your Business Fight Financial Crime

Blog: The Tibco Blog

Reading Time: 2 minutes

In a world ripe with opportunities for fraud, financial institutions are tasked with trying to find a balance between quickly processing customer transactions while preventing fraudulent incidents.

According to a recent financial crime report, based on 12 billion global transactions, banking fraud increased by 159 percent between the last quarter of 2020 and the first quarter of 2021. Unless the industry enhances its security investments, more fraud and massive monetary losses are on the horizon. 

The Solution? Intelligent Anomaly Detection

Anomaly detection can help your financial institution prevent fraud, security breaches, operational performance issues, and other undesirable events by determining when something has deviated from what is considered “normal” and triggering the appropriate response.

Combined with artificial intelligence and machine learning (AI/ML), intelligent anomaly detection can arm businesses with accurate, real-time insights into emerging threats, profoundly reducing false positives and reducing friction for customers. There are several capabilities:

These capabilities can bring real benefits to leading financial institutions:

Don’t Wait Until Crisis Strikes

With the growing costs of financial crime, financial institutions cannot afford to wait to implement modern fraud detection technologies. By adopting TIBCO’s anomaly-detection software on Microsoft Azure, financial institutions can increase the accuracy of their fraud detection systems, reduce false positives, and prevent fraudulent transactions. 

In addition, by reducing the number of false positives reviewed by agents, financial agencies can significantly reduce costs and increase the efficiency of their fraud detection programs. To learn more, read this ebook about how to Fight Financial Crime with Intelligent Anomaly Detection.

The post Anomaly Detection Can Help Your Business Fight Financial Crime first appeared on The TIBCO Blog.

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