Why is fraud so hard to detect?

Smart & Evolving Fraud patterns

Fraudsters can be smart. They can hide in the smallest actions – movements that seem normal at first glance, under-the-radar activities like a briefly changed user access. What’s more, the patterns that can signal fraud evolve so rapidly you can’t simply look for specific actions. You need the right technology to spot any subtle pattern that may signal fraud.

Making sense of big data

Networks, operating systems, databases, banking applications, authentication systems, webservers, physical security systems... Each of these bank systems was designed for a particular task. They are each monitored individually, but fraud activity leverages several systems at once. You need to be able to cross-reference events and handle big data analytics to detect fraud.

Catch fraudsters red-handed

To really fight fraud, you need to catch it as it happens. Unfortunately, with complex bank systems, creative fraudsters who constantly change their game, spotty auditing and other challenges, most fraud is discovered only long after it happens – too late to stop it and act with the evidence in hand.

Banking fraud cost an estimated $67 billion per year.
70% of this is internal. Most remains undetected.
— Association of Certified Fraud Examiners, Report to the Nations 2014