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Analytics to detect frauds in online transactions

Today,banks are using analytics to control frauds in electronic payments. Private banks such as HDFC Bank have implemented analytics software. The thing is that the out-of-the way transaction would decline if one fails to respond to a phone call or message immediately after the transaction. There are two kinds of fraud detection in payments- One is during the transaction, and the other is using analytics to identify suspicious transactions based on past behaviour. Banks are now specializing in the analytics part. According to an official of an analytics software company that provides banks with software to detect frauds, the software can be used to personalize services, like ATMs, for customers depending on their preferences. Read more at:http://timesofindia.indiatimes.com/business/india-business/Banks-use-analytics-to-check-fraud-in-online-payments/articleshow/38347410.cms

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