Read e-book online Bank fraud : using technology to combat losses PDF

By Revathi Subramanian

ISBN-10: 0470494395

ISBN-13: 9780470494394

ISBN-10: 1118220323

ISBN-13: 9781118220320

ISBN-10: 1118233972

ISBN-13: 9781118233979

ISBN-10: 111888616X

ISBN-13: 9781118886168

Learn how advances in expertise may help reduce financial institution fraud

Fraud prevention experts are grappling with ever-mounting amounts of information, yet in modern-day risky advertisement surroundings, taking note of that information is extra very important than ever. Bank Fraud offers a frank dialogue of the attitudes, thoughts, and—most importantly—the know-how that experts might want to wrestle fraud.

Fraudulent task could have elevated through the years, yet so has the sector of knowledge technological know-how and the consequences that may be completed through utilising the fitting rules, an important device at the present time for monetary associations to guard themselves and their shoppers. This source is helping pros within the monetary companies utilize info intelligence and uncovers the acceptable tips on how to strengthening defenses opposed to fraudulent habit. This in-depth therapy of the subject starts off with a quick background of fraud detection in banking and definitions of key phrases, then discusses the advantages of expertise, info sharing, and research, in addition to different in-depth info, including:

  • The demanding situations of fraud detection in a monetary prone environment
  • The use of records, together with powerful how one can degree losses according to account and ROI by means of product/initiative
  • The Ten Commandments for tackling fraud and how one can construct an efficient version for fraud management

Bank Fraud bargains a compelling narrative that finally urges safety and fraud prevention pros to utilize the knowledge they've got so painstakingly collected. Such execs cannot permit their most vital highbrow asset—data—go to waste. This e-book indicates you simply how one can leverage info and the main updated instruments, applied sciences, and strategies to thwart fraud at each turn.

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Extra info for Bank fraud : using technology to combat losses

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The operational usability of the system is very important. If a very sophisticated model cannot be run fast enough in real time to return a decision in several milliseconds in production, the sophistication of the model doesn’t mean much in terms of containing losses. Investing in sophistication and following a practical, usable approach are both very important. The most sophisticated models are just theoretical exercises if they cannot be used in real time 100 percent of the time. U S I N G F R A U D D E T E C T I O N E F F E C T I V E LY ◂ 35 USING FRAUD DETECTION EFFECTIVELY Even after we have implemented a fraud detection system that is based on sophisticated techniques and that can execute effectively in real time, it is important for the operational staff to use the recommendations of the system effectively.

This method worked for a while, but fraudsters grew impatient because their ability to make money depended on someone forgetting their card. This led to credit card thefts where cards were stolen and used. Here too, the time the fraudsters had available to commit fraud was limited because once the cardholder figured out that his/her credit card was missing or stolen and reported it to the bank, the game was over for the fraudsters. The fraudsters had to figure out better and more reliable ways to keep the money flowing in.

Fundamentally, we are trying to model the fraud problem using these independent variables. Typically, a model attempts to detectt fraud as opposed to predictt fraud. We are not trying to say that fraud is likely to happen on this entity in the future; rather, we are trying to determine whether fraud is likely happening at the present moment, and the goal of the fraud model is to identify this as close to the time that the fraud started as possible. In credit risk management, we try to predict if there will likely be serious delinquency or default risk in the future, based on the behavior exhibited in the entity today.

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Bank fraud : using technology to combat losses by Revathi Subramanian

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