The effective use and analysis of that data can become a game changer as it can identify fraud patterns, anomalies and common data points that reveal associations between fraudulent accounts and group fraud activity. Banks must deploy the most powerful analytics available, consolidate data and various fraud components, and make use of multilayered detection technology.
After all, it is just good business to protect the most important asset of banks i.e. customers. Big data – big promise Big data is one of the recent technology trends that is catching up.