Using advanced analytics to detect and prevent credit card fraud
Timely fraud detection is vital for financial institutions; failure to give this area proper attention brings financial, reputational, and punitive risks. In financial terms, this type of fraud is estimated to be worth £341m per annum in the UK alone, and in the US it is has been said to cost 0.07% of transaction Values.
Detecting card frauds is challenging for a number of reasons. Institutions that overcome these problems can gain competitive advantage by reducing their costs and offering a better service to customers and merchants.