Financial fraud is now a professional enterprise, with a complete ecosystem of fraud-as-a-service stealing more than $16B per year. According to a recent report, there were more than 4.2 billion records exposed globally in 2016. Fraudsters are using these stolen identities to create armies of fake accounts, which are causing major headaches for digital banking executives who are trying to protect their clients, and themselves, from financial losses.
Next week (June 12-14) we’re heading to Digital Banking 2017 in Austin, Texas, to learn more about some of the challenges being faced by these executives and their teams, as well as explain how DataVisor and unsupervised machine learning can help.
Digital Banking 2017 is the leading and largest digital banking event in the industry, covering innovation in financial services for consumer and commercial customers around mobile, digital, retail, data, channel and technology strategies.
DataVisor can help protect these banks from account takeovers, identity theft, and fraudulent transactions because our unsupervised detection algorithm finds the hidden links between coordinated malicious accounts by correlating all of their account attributes and event behavior together, rather than looking at each account individually in isolation. DataVisor supplements this unsupervised approach with a combination of supervised machine learning, an automated rules engine, and global reputation signals to detect fraudulent behavior before any damage is done.
If you’re attending and want to learn more about DataVisor and unsupervised machine learning, we will be at Booth #209 and would love to schedule a meeting. If you’re interested, please reach out to info(at) datavisor (dot) com and we hope to see you there.
If you can’t attend, but are interested in how DataVisor can help reduce identity theft, fake account openings, and financial fraud, check out our case study with an F500 Financial Institution and our Financial Fraud datasheet.