Identity fraud has become a problem of increasing concern among consumers and businesses. According to Javelin Strategy & Research, 8.9 million U.S. adults became victims of identity fraud in 2010. The overall incidence rate of 3.5% has resulted in a total fraud amount of $37 billion, a decrease of $19 billion from 2009.download pdf
With all the complexity involved, how are FIs supposed to fight fraud while still providing the personalized customer experience today’s account holders have come to expect?
While debit and credit card fraud is a growing concern, check fraud losses are still a big deal – they account for 32% of overall losses, industry-wide – with counterfeit checks leading the way.
Deriving value from big data is often the most difficult of the five V’s. After all, having thousands of lines of data is pointless unless you use them for something purposeful, such as measuring marketing efficacy or improving compliance programs.