Unstructured data counters fraud
One of the most striking uses of unstructured data is its ability to alert users to relevant changes in complex systems. A good big data analytics strategy can actively monitor user activity, sending up an alarm when something important changes. According to BankInfoSecurity, big data can prevent fraud in the financial sector.
The source stated that big data has provided a shift in the way banks watch for fraud. Where previously, the way to detect suspicious activity was through monitoring accounts for odd events, banks can now create a custom risk profile for new customers.
According to the source, banks also share their big data insights with credit bureaus, comparing and contrasting in the hope of detecting possible fraud candidates before they strike. Banks' systems are not currently meant to track customer activity closely. However, a new generation of technology is on the way.
IDG News service recently reported that adding new big data programs with advanced capabilities is different than adding standard business intelligence programs. The source stressed that companies will need employees with specific skill sets, including the ability to oversee the formidable hardware needed to crunch unstructured data.