Paper examines how to protect against known and unknown fraud attacks through a combination of batch, streaming and predictive analytics
Mountain View, CA – November 11, 2015 – The battle against online fraud continues to escalate as criminals learn to hack new security technologies seemingly as soon as enterprises implement them. A new white paper from WSO2 discusses how enterprises can address this challenge by implementing an effective, self-learning and self-adjusting fraud detection system using data analytics.
The white paper, “Fraud Detection and Prevention: A Data Analytics Approach,” begins by analyzing the present day fraud landscape and how fraud rules and statistical models alone are no longer sufficient for detecting fraud in real time within this complex landscape. The paper then discusses how to build a prevention plan for both known and unknown fraud attacks by combining domain expertise with three forms of analytics: batch, streaming and predictive.
Next, the paper explores predictive analytics techniques, such as Markov chains and machine learning, to counter fraud strategies in real time. It also discusses how an enterprise can create an effective and efficient fraud detection solution using the WSO2 analytics platform. Among the best practices reviewed are:
- Converting domain knowledge into generic rules.
- Implementing fraud scoring.
- Utilizing Markov models and data clustering to model unknown types of fraud.
- Conducting interactive data querying and visualizations for further analysis.
The white paper can be downloaded at http://wso2.com/whitepapers/fraud-detection-and-prevention-a-data-analytics-approach.
About the Author
Seshika Fernando is a technical lead at WSO2 and focuses on the applications of WSO2’s middleware platform in financial markets. Throughout her career, she has had extensive experience in providing technology for stock exchanges, regulators, and investment banks from across the globe. Her current area of interest is in real-time anomaly detection and its usage in e-commerce.
WSO2 delivers on the promise of the connected business with the only completely integrated enterprise platform that enables businesses to build, integrate and manage their APIs, applications, and Web services on-premises, in the cloud, and on mobile devices. Leading enterprise customers worldwide rely on WSO2’s award-winning 100% open source platform and its robust governance and DevOps functionality for their mission-critical applications. Today, these businesses represent nearly every sector: health, financial, retail, logistics, manufacturing, travel, technology, telecom and more. Visit http://wso2.com or check out the WSO2 community on the WSO2 Blog, Twitter, LinkedIn and Facebook.
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