Recent studies from leading financial institutions show that financial fraud continues to rise at alarming rates. According to Experian, credit and debit card fraud has risen over 60% in the first half of 2019. Although Millennials are highly targeted (an 80% chance of being a target of fraud), no one is immune from criminal activity.
Home grown fraud rules, based on in-house subject matter expertise and observations, are commonly used to counter fraud attacks as well as other financial crimes, such as Anti-Money Laundering.
Altair offers an industry leading approach to augment/adjust these rules based on actual analytical models. The benefit realized is that fraud analysts can update rules without needing to turn to highly utilized resources such as data scientists.