Minimize Financial Services Fraud In Real Time With Macrometa
Financial institutions are constantly at risk of losing money due to fraudulent activities. The cost of online payment fraud alone is estimated to exceed $343 billion globally between 2023 and 2027, making it a significant issue that requires the attention of financial institutions.
Fraudulent activities can range from stolen credit cards to more sophisticated cyber attacks aimed at exploiting vulnerabilities in financial systems. Financial institutions face numerous challenges in their efforts to detect and prevent fraud, ranging from identifying false positives to dealing with high data volumes and ever-changing fraud complexity.
Real-time analytics to thwart fraud in real time
Financial institutions use a combination of technologies and processes to detect fraud in real-time, ranging from behavioral analytics and rule-based systems to machine learning models. Real-time analytics enable businesses to detect complex event patterns and isolate threats, resulting in security alerts that allow them to respond quickly to any potential fraud. By using real-time analytics, financial institutions can also improve accuracy with advanced algorithms and machine learning techniques to detect fraud, reducing the risk of false positives.
The edge analytics advantage
One of the advantages of using Macrometa for fraud detection is the ability to process data at the edge. By bringing data processing closer to where the data is generated, financial institutions can detect and respond to fraud in real-time.
For example, gas station credit card skimming is a growing problem in the financial industry where thieves install skimming devices on gas pumps to steal credit card information from unsuspecting customers. With edge analytics, financial institutions can quickly detect and respond to gas station credit card fraud in real-time by monitoring the transaction data at the edge of the network where it's generated.
By processing data at the edge, it reduces network latency and bandwidth usage, enabling faster response times and reducing the risk of false positives. This edge advantage can be particularly useful for financial institutions that operate in areas with limited connectivity or high network latency, where traditional cloud-based solutions may not be practical or effective.
Macrometa Real-time Per-event Fraud Detection
Macrometa's hyper distributed cloud provides comprehensive fraud detection that helps organizations stay ahead of threat actors. With Macrometa, financial institutions can detect complex event patterns and isolate threats, resulting in security alerts that enable them to quickly respond to potential fraud. With data manipulation functions, Macrometa allows businesses to identify early trends and respond to opportunities and threats before they become a bigger issue. Macrometa makes it easy to collect data from multiple sources and turn it into rich, contextual insights in real-time.
With the ability to monitor live streaming data and filter it in real-time, businesses can extract signal from noise and mitigate potential problems with immediate notifications when system behavior changes or anomalies occur. Macrometa's advanced algorithms and machine learning techniques help financial institutions detect fraud more accurately, reducing the risk of false positives. Additionally, Macrometa's knowledge graphs, scalability, and cost reduction benefits help financial institutions stay ahead of the curve when it comes to fraud prevention. To learn more about Macrometa's fraud solutions, schedule a call with our solutions architect, we look forward to chatting with you.