Business Strategy: The Use of Advanced Analytics in Fraud Detection and Prevention

Business Strategy: The Use of Advanced Analytics in Fraud Detection and Prevention

This IDC Financial Insights report takes a look at the challenges and opportunities that firms face in developing and deploying fraud detection and prevention programs. Firms remain concerned about the financial and reputational effects of financial fraud and face a myriad of schemes and bad actors that are always changing. IDC Financial Insights recommends financial firms use a combination of visible and less visible strategies to assess current and future fraud risks, develop deterrents to prevent fraudulent activity, and reduce the opportunities for customers, employees, and bad actors to commit fraud.Bill Fearnley, research director, IDC Financial Insights, reports that, "Criminals and bad actors are developing more creative and aggressive fraud schemes and tactics to avoid detection and arrest. Firms should be investing in risk-based approaches to fraud detection and prevention and using their privileged access to customer information and third-party data and analytics services and combining them to help augment and automate their fraud prevention programs."

IDC Financial Insights Opinion
In This Study
Situation Overview
Account Takeover
Phishing Schemes
New Account Fraud
Fraudulent and Compromised Transactions
The Approach
Internal, External, and Aggregated Data
Fraud Analytics
Advanced Analytics Tools
Improved Outcomes
Future Outlook
Essential Guidance
Actions to Consider
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