Blog Posts

How Data Science helps fraud detection in a bank

The average bank loses more than 5% of their revenue to fraud.But that is not even the biggest loss, because the loss in confidence of the customers for such banks is of far greater significance than those figures. Some losses even go undetected for years, thus causing the banks to lose the customers to the competition. Fraud could come from customers, merchants, as well as from employees. Counterfeit credit cards, stolen credit cards, stolen account login, bank website cloning, merchant website cloning, etc. The list is too long and as technology advances, other fr