cloud analytics platforms and BI software

How Data Visualization Can Help Unsilo Data for Fraud Detection

The prevalence of fraud has increased dramatically over the last several years. As it becomes more commonplace, companies must take additional measures to combat this growing problem. Failure to properly implement security protocols may result in data breaches and a loss of public trust.

In 2020, approximately 47% of Americans experienced financial identity theft according to the U.S. Identity Theft: The Stark Reality. There were also 4.8 million identity theft and fraud cases in 2020 alone based on a recently-published FTC report.

Having the right tools in place can help financial institutions mitigate potential risks related to fraud. Data visualization can help these organizations detect anomalies related to fraudulent transactions. By collecting data from multiple sources across an organization, companies can effectively unsilo and analyze multiple layers of data to get a complete operational perspective of potential risk factors.

Let’s take a look at how data visualization can be an effective strategy for analyzing multiple layers of data while creating actionable insights and timely reports.

Get Real-Time Alerts

Real-time data alerts can help companies immediately detect anomalies such as abnormally large sets of transactions. Data visualization can then be used to identify potentially suspicious transactions and parties that may be involved.

Within an organization, each line of business typically contains a specific set of systems used for fraud detection. Whether it be card issuing, home lending or payments processing, combining various data sources into a single system can seamlessly create a complete risk analysis of each customer. 

Another potential indicator of fraud can be cross border payments and transactions. Once a certain threshold is reached in high-risk countries, geo-spatial views of risky transactions are closely tracked, analyzed and monitored. Risk operational analysts can then be notified of fraud indicators in real-time. Reviewing each of these individual customer risks from various lines of business can provide deeper insights into potential fraud. Through analysis of layered data within a single platform, companies can create actionable insights and timely reports to minimize risk factors.

Take Action on Insights

Data visualization can provide in-depth insights to help companies minimize the potential risk of fraud. By unsiloing data, organizations can review individual transactions to better pinpoint fraud indicators. Leaders can then make informed decisions based on these valuable insights.

Identifying trends, behavioral shifts and revenue opportunities at your financial institution can drastically lower overall risk. Let’s say an alarm triggers geo-spatial and heatmap indicators. A risk analyst can drill down into areas of interest and spot risk factors. Fraud factors can then be addressed and financial risk can be minimized.

Real-time data insights and analytics can improve decision making by eliminating the manual processing of data. By aggregating and visualizing metadata from multiple sources into a single intuitive display, organizations can cut down on repetitive processing tasks. The ability to play back transactions quickly and effortlessly can provide leaders with efficient investigation tools to improve safety and security.

Secure Your Financial Institution

Real-time data insights and analytics can be valuable tools for identifying risks and staying ahead of fraud. By reviewing business outcomes at cloud scale, institutions can make faster decisions and reduce operational risk. 

Combining proprietary risk indicators and 3rd party indicators will help minimize fraud and reduce Opex costs. Live Earth Intelligent Insights are derived in real-time based on a time series of interactions. If social unrest exists in a specific area, Live Earth can be the right tool for reviewing real-world data in order to minimize risk.

Learn More

For more information about how data visualization and real-time analytics can unsilo data and improve fraud detection, check out our real-time awareness solutions. If you would like to learn more, be sure to schedule a free demo with one of our team members today!

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