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Intelligent Fraud Management: Machine Learning meets Real-Time Analytics

Blog: The Tibco Blog

Financial Services companies are, in our opinion, being failed by the financial crime prevention tools out there today. Banks not only have to deal with the more consumer facing crimes of card fraud (theft, fraudulent purchases, cash withdrawals), but they have to deal with the less visible payment services fraud and money laundering which is often linked to organized crime. Banks today face large financial losses from fraud, huge fines associated with non-compliance, and the potential loss of their reputation.

Financial crime prevention is challenging by its sheer scale and complexity.  It usually takes large teams of investigators to check huge volumes of suspicious transactions, making this prohibitively costly in most cases.  In addition, more often than not, they get “False Positives” and frustrate legitimate consumers. Alternatively, banks could choose to go in the other direction and tune the system in a way that only some really suspicious transactions are filtered out to be investigated, but that in turn might lead to a very high risk of non-compliance. One of the big dilemmas that banks face in fighting financial crime is accessing and setting the right level of risk.

Another issue plaguing financial crime prevention and investigation today is that most modern detection systems rely on rules applied to past transactions. Today’s criminals are highly sophisticated and constantly  change the way that they try to scam the system. That means you need real-time fraud detection and prevention. Today’s typical “rear-view” mirror approach to fraud detection is simply not cutting it so augment your existing “black box” systems with TIBCO Intelligent Fraud Management.

The majority of fraud prevention applications in use today are highly complex rules based applications from specialist suppliers that most users find really difficult and expensive to implement. This represents a huge challenge in being able to respond to ever changing threats in a timely manner.

TIBCO’s forward thinking approach is changing the face of fraud prevention today. We have solutions to some of today’s toughest fraud prevention problems. TIBCO easily and cost effectively helps companies manage their financial crime risk exposure by using advanced analytics coupled with artificial intelligence and machine learning to catch criminals as soon as they act. By setting the right level of risk detection and using real time rather than historical transactions and utilizing artificial intelligence to speed up the detection process you can improve the quality of your fraud detection.

To learn more, check out how TIBCO is helping to fight fraud on our Intelligent Fraud Management page.

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