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Fraudsters are getting more and more inventive and resorting to various tricks to profit from someone else's expense. Cybercriminals often deal with financial transactions: they issue loans under false names or conduct illegal transactions. To track fraudulent transactions and prevent loss of funds, offers a solution for banks and microfinance organizations - an anti-fraud service. Scoring models based on Big Data will help to detect suspicious activity in advance and protect the funds of bank and MFO clients.
Content
What is antifraud and fraud
Fraud means "scam" in English. These are actions by which attackers fraudulently misappropriate other people's funds. For example, illegal transactions with bank cards, the use of special programs to steal money from accounts, and the purchase of goods in online stores without payment. There are many methods of deception, but now there is an effective countermeasure for them.
Anti-fraud (fraud monitoring), or fraud monitoring, is a system that evaluates the suspicion of financial transactions in terms of fraud. The service informs about the detection of dubious actions and gives recommendations for their further processing. Anti-fraud scoring is effective in risky transactions such as microlending and online lending. The main task of the anti-fraud system for banks is to minimize dangerous situations in the banking sector.
How financial scoring and antifraud are related
Antifraud for payments is based on financial scoring. This is a service that is used in financial institutions to assess the solvency and reliability of the borrower. Before issuing a card, opening an account or taking a loan, the bank's client goes through a mandatory questionnaire. The list of questions includes demographic, social and professional data.
How does the anti-fraud system work in the bank? The program automatically evaluates the client by his answers and displays a scoring score. If the rating is high, the borrower is given a loan. Low is a sign of intruders or dishonest creditors. A similar procedure takes place with transactions that are made by existing users of the bank.
Scoring helps:
Big Data is a business solution for bank security
An expert in working with modern methods of big data analytics. The company's specialists have developed tools based on Big Data that help optimize work in the banking sector and counteract fraudsters.
Fraud monitoring is a process that works like a debugged mechanism. Big Data technology quickly analyzes large amounts of data and filters information according to specified criteria. Thanks to machine learning algorithms, bank employees do not need to manually track transactions. At the same time, the effectiveness of fraud monitoring increases, because without the human factor, the number of false alarms and the skipping of real attacks are reduced.
The main advantage of Big Data is the unique information owned by the mobile operator. The company includes data on the use of the SIM card in the anti-fraud system for banks and checks whether high-risk transactions and transactions have been performed using it. A person may have a perfect reputation in the bank's database, but analyzing the SIM card will show different information. Is confident that the way a subscriber uses mobile communications is an indicator of his reliability.
Fraud monitoring
The telecom operator offers several options for analyzing SIM cards as part of antifraud for payments. Checks provide additional protection for bank clients and microfinance organizations from illegal actions.
Content
- What is antifraud and fraud
- How financial scoring and antifraud are related
- Big Data is a business solution for bank security
- Fraud monitoring from Kyivstar
What is antifraud and fraud
Fraud means "scam" in English. These are actions by which attackers fraudulently misappropriate other people's funds. For example, illegal transactions with bank cards, the use of special programs to steal money from accounts, and the purchase of goods in online stores without payment. There are many methods of deception, but now there is an effective countermeasure for them.
Anti-fraud (fraud monitoring), or fraud monitoring, is a system that evaluates the suspicion of financial transactions in terms of fraud. The service informs about the detection of dubious actions and gives recommendations for their further processing. Anti-fraud scoring is effective in risky transactions such as microlending and online lending. The main task of the anti-fraud system for banks is to minimize dangerous situations in the banking sector.
How financial scoring and antifraud are related
Antifraud for payments is based on financial scoring. This is a service that is used in financial institutions to assess the solvency and reliability of the borrower. Before issuing a card, opening an account or taking a loan, the bank's client goes through a mandatory questionnaire. The list of questions includes demographic, social and professional data.
How does the anti-fraud system work in the bank? The program automatically evaluates the client by his answers and displays a scoring score. If the rating is high, the borrower is given a loan. Low is a sign of intruders or dishonest creditors. A similar procedure takes place with transactions that are made by existing users of the bank.
Scoring helps:
- speed up the processing of applications and the evaluation of transactions;
- protect the company from credit fraud;
- to increase the operational activity of the organization;
- reduce the budget for combating fraud;
- create a highly accurate scoring model to predict fraudulent transactions.
Big Data is a business solution for bank security
An expert in working with modern methods of big data analytics. The company's specialists have developed tools based on Big Data that help optimize work in the banking sector and counteract fraudsters.
Fraud monitoring is a process that works like a debugged mechanism. Big Data technology quickly analyzes large amounts of data and filters information according to specified criteria. Thanks to machine learning algorithms, bank employees do not need to manually track transactions. At the same time, the effectiveness of fraud monitoring increases, because without the human factor, the number of false alarms and the skipping of real attacks are reduced.
The main advantage of Big Data is the unique information owned by the mobile operator. The company includes data on the use of the SIM card in the anti-fraud system for banks and checks whether high-risk transactions and transactions have been performed using it. A person may have a perfect reputation in the bank's database, but analyzing the SIM card will show different information. Is confident that the way a subscriber uses mobile communications is an indicator of his reliability.
Fraud monitoring
The telecom operator offers several options for analyzing SIM cards as part of antifraud for payments. Checks provide additional protection for bank clients and microfinance organizations from illegal actions.
- SIM Check service
Fraudsters can use the customer number, reissue a new SIM card and use it to gain access to online banking. As a result, the user's funds and the bank's reputation will suffer. To prevent this from happening, at the request of the bank, Data-analysts check the identification number of the SIM card (IMSI), which is tied to the card, and not to the number. If the phone number was used to replace the SIM card shortly before the controversial transaction, there is a high probability that fraudsters are acting. Based on the response received, the bank employees block the transaction and begin a detailed check. To minimize financial risks, use SIM Check along with credit scoring. - Checking unique SIM cards
You can find out how often the SIM cards in the customer's phone have changed over a certain period. Bank employees send a request to Kyivstar, and Data-analysts send the number of unique SIM-cards that were used from one phone for a specific period.
So what is antifraud? Fraud monitoring is a special system capable of detecting cyberattacks, fraud and illegal activities in banking and payment transactions. To more effectively fight cybercriminals, use the automated Big Data technolog. Antifraud in the banking sector will determine the likelihood of fraudulent actions on the part of customers and warn them in time.