Here at Sekuritance we get thrown all sorts of data to store and analyse. From credit card fraud to money laundering to cyber security, precise and quick anomaly detection is necessary to conduct business, protect customers and protect the bank or the financial institution from potential losses.
Fraud detection quite literally is the best use case for machine learning-based anomaly detection in banking. With the main card schemes processing an aggregate of well over 10,000 transactions per second , it is not easy to build an accurate system that works in real-time, as the number of fraudulent card charges is much lower than the total volume thus making establishing a learning & sampling set difficult.
Combining the traditional knowledge with more overarching AI project best practices, including operationalization and data democratization, helps banks stay ahead of the curve.
Sekuritance offers an anomaly detection based solution for detecting and stopping money-laundering transactions. Our software analyzes the entities customers are paying or receiving payments from to make sure the funds are coming from legitimate sources and a plethora of other parameters.
The 2i Philosophy (we iterate and we increment)
The bottom point is clear: businesses that have access to large amounts of data can employ the Sekuritance suite in order to identify unusual patterns in real-time and protect their business and that of their customers.
How is your data structured and how could we help you set up an anomaly detection solution? Drop us a line and let us know. Our data science team is happy to make anomaly detection work for your benefit too!