Detecting and Preventing Fraud with Data Analytics: A Consortium Approach

To protect against growing losses, many FIs are investing in solutions that use data analytics for detecting and preventing fraud.

But when banks and credit unions only have access to data from their own institution, they only see a slice of a consumer’s banking history and behavior. For data analytics to be an effective fraud prevention tool, the data itself must not only be timely and accurate; it must also be comprehensive.

In this guide, we explore the challenges FIs are facing in the fight against fraud, how fraud management has evolved, and why many FIs are embracing a data sharing approach.