Fraud and Money Laundering Detection in Real-time
A Financial Services Fraud Detection Service Case Study
This company is a leader in fraud prevention and risk management. They provide financial institutions and customers with fraud and risk management tools, facilitate a secure exchange between financial organizations and offer solutions for responding quickly to evolving fraud challenges.
This customer was looking for a solution to detect fraud in real-time for mobile payments and check deposits. They required high-availability to assure 24X7 access for demanding customers. Reducing their current TCO was also a priority.
- Detecting fraud on mobile payment applications in real-time
- Detecting the deposit of the same check-in multiple accounts at different banks in real-time
- User experience: application availability 24×7
- TCO reduction: reduce dependency on expensive RDBMS
- Required ingestion of 4 TB of data daily
- Support of fully consistency for transactional in-memory map-reduce
- Millisecond response
- Ability to analyze and validate against a large dataset of live (multiple TB) in memory and archived data (to Cassandra NoSQL and Hadoop)
The GigaSpaces in-memory real-time analytics platform provides sub-second response for accurate fraud detection to stop the transaction before it is completed. The high-performance solution ingests 4 TB daily and handles over 1.5M events per second. TCO was reduced when introducing RAM and SSD, replacing expensive alternatives. No-Downtime is assured with a fault-tolerant, highly available, scaling on-demand solution.
- Sub-second response for accurate fraud detection to stop the transaction
- 1.5M events per second
- TCO Reduction: RAM and SSD for runtime data compared to alternative solutions
- Fault-tolerant, highly available, scaling on demand