Connect with us



Financial Services Firms Turn to Big Data Intelligence to Fight Fraudulent Activity According to Xerox Study

 As online bank fraud doubles, data security and privacy cited as biggest challenges

 Financial services companies are increasing their use of  Big Data initiatives to combat fraud according to a recent study conducted by Forrester Consulting on behalf of Xerox.

 During the next 12 months, nearly half (48%) of IT and business decision-makers surveyed in the financial sector said they will analyse historical customer data to identify and address potential fraudulent behaviour.

 In keeping with this, data security and privacy are cited as the number one challenge for financial services firms (44%) over the next 12-24 months. With the new General Data Protection Regulation (GDPR) set to come into effect by 2017, data privacy concerns likely will become only more stringent for firms going forward.

 Craig Saunders, director, Analytics Resource Center, Xerox Consulting and Analytics Services, said: “Detecting and communicating fraud is a huge challenge and a very sensitive one when customer financial data is at stake. More firms are realising the need to invest in technical infrastructures, in such a way that allows them to explore unique customer information, identifying patterns and quickly noticing changes to this. It’s encouraging to see this type of work remains a priority for the coming years.”

Continue Reading
Editorial & Advertiser disclosureOur website provides you with information, news, press releases, Opinion and advertorials on various financial products and services. This is not to be considered as financial advice and should be considered only for information purposes. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third party websites, affiliate sales networks, and may link to our advertising partners websites. Though we are tied up with various advertising and affiliate networks, this does not affect our analysis or opinion. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you, or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish sponsored articles or links, you may consider all articles or links hosted on our site as a partner endorsed link.

Recent Posts