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Posted by Andras Cser on May 1, 2013
A common theme during this week's SAS and FICO user conferences was how to use Big Data to make fraud decisions faster, more accurately and without impacting the customers in any negative way.
Big Data is basically about 3Vs: Volume, Velocity and Variety of data to gain veracity and value in fraud management. Volume and Velocity are nothing new: fraud management products have long been capable of analyzing terabytes of data in billions of transactions - in real time.
What's really new for Fraud Management about Big Data is Variety. Using all types of new information to make better decisions with lower false positive rates. The new data sources that are increasingly used in Fraud Management are:
Integrating the above data sources is clearly what we are seeing SAS, FICO currently working on. Expect to see fraud management products in 2013 that will offer the above features out of the box.
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