How Banking Fraud is Changing with Data and AI

A DataStax Whitepaper

Published June 2018

Datastax

Today’s customers want real-time interactions that reflect their preferences and behavior history. They want things done RIGHT NOW and they want them done not only accurately but also, of course, SAFELY, and with a deep knowledge of who they are as customers and people.

Fraud has changed, too. Earlier-day hackers were coders sitting in a dark room. Now, they’re well-funded, sometimes state-sponsored organizations making very sophisticated automated attacks via globally distributed computer networks. The use of e-banking and mobile payments has only emboldened them and made protecting against fraud in the banking, financial services and insurance sector even more difficult and complex.

To compete in the Right-Now Economy and prevent and detect fraud in real time, financial service institutions need to take a new approach, and that approach is combining powerful data with artificial intelligence (AI).

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