Organizations that implement proactive data monitoring detect frauds 58% faster and experience losses that are 52% lower than organizations that don’t, according to the ACFE’s 2018 Report to the Nations. As these numbers indicate, harnessing your organization’s data can have a significant impact on your efforts to detect and prevent fraud. But introducing data analytics into your fraud-fighting toolbox is not a cut-and-dried process. There’s no universal checklist to follow. Every organization has different data to work with, and unique priorities and organizational goals. It takes a hands-on approach to figure out what will work best for you and your organization.

Payment card fraud detection involves banks and financial organizations leveraging analytics to delve into card transaction data and build counter-fraud models. Over the years, the discipline of fraud analytics has evolved to crafting machine learning algorithms which recognize highly complex fraud patterns in enormously large volumes of records.