Cybercrime continues to be an unending botheration for banks. While the focus of attempts and attacks until recently, tended to be on the banks’ customers (via card and account detail compromises), of late fraudsters have become more sophisticated and have raised the stakes.
In the world of financial transactions, rule based heuristics are often employed to detect fraud, rather than to detect anomalies. Given the fundamental shortcomings of rule based heuristics, how does machine learning help in fraud detection?
One of the first banks in India to implement Real-time AML Compliance and Enterprise-wide Fraud Management on a Single Platform. Clari5 is now helping the bank process over 30,00,000 transactions/day with high real-time throughput.