Fighting payment fraud is at the top of the priority list for nearly every financial institution around the world today. ING Netherlands is trying a different approach, as they will trial ThetaRay technology to detect fraudulent behavior. Whether or not this solution will deliver on its promise, remains to be seen, though.
ThetaRay Brings Big Data To Fraud Detection
Identifying suspicious consumer behavior may be easy on the surface, but the reality is very different. Whenever someone makes a payment, there is hardly ever an indication of there something being wrong. But when financial institutions start using big data, the bigger picture becomes clear rather quickly.
ThetaRay is one of the world’s leading big data analytics solutions, and they will bring their technology to ING Netherlands. Combining big data with the institutions’s existing risk engine should yield favorable results for both parties in the long run. Big data is an underappreciated tool in the financial sector to date, but it is also tough to comprehend.
Ms. Beate Zwijnenberg, Director Fraud & Cybersecurity, ING Netherlands. Stated:
“ThetaRay impressed us during a recent proof of concept by rapidly identifying a number of transactional anomalies. The ability to detect fraudulent activity with this level of precision and accuracy is truly innovative.”
Consumerism is subject to very specific patterns, and ThetaRay is confident they can wield big data to identify suspicious behavior that doesn’t match specific patterns. Mainly where ATM hackers, money laundering, and cyber attacks are concerned, this technological solution should make quite a dent in fraud numbers.
As threats against financial institutions continue to become more complicated, technology has to keep up and keep the fraudsters out. Big data will play a valuable role in this regard, and partnerships like the one between ING Netherlands and ThetaRay will become far more frequent moving forward.
Source: Finextra
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