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Financial Services & Neo4j: Fraud Detection – Utpal Bhatt, VP of Global Marketing

Financial Services & Neo4j: Fraud Detection – Utpal Bhatt, VP of Global Marketing

Identifying and stopping fraudulent activity is harder than ever for financial services organizations.

Standard anti-fraud technologies — such as a deviation from normal purchasing patterns — use discrete data. This is useful for catching individual criminals acting alone, but discrete methods fall short when it comes to detecting fraud rings. Furthermore, many discrete methods are prone to false positives, which can impact customer satisfaction and result in lost revenue.

Sophisticated criminals continuously alter their strategies to circumvent detection by traditional solutions. For example, they use synthetic accounts to carry out what appear to be unrelated activities, when in fact they are well coordinated.

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