In 2019, $181 billion was spent on financial crime compliance by financial services firms, according to a study by LexisNexis Risk Solutions. Broadly speaking, financial crimes include frauds, financial market misconduct, money laundering, terrorist financing, mortgage fraud, racketeering, securities frauds, among others.
Fraud prevention in financial services is a great example of an application that benefits from real-time analytics; it is a very crucial aspect for banks, trading institutions, and payment processors. Failure in these areas results in both financial and reputational losses; both false positives and false negatives can have massive business implications. In this article, we explore the technology requirements and common challenges in effective financial crime detection and fraud management, focusing on NoSQL database capabilities. |
