Dataconomy
  • News
  • AI
  • Big Data
  • Machine Learning
  • Trends
    • Blockchain
    • Cybersecurity
    • FinTech
    • Gaming
    • Internet of Things
    • Startups
    • Whitepapers
  • Industry
    • Energy & Environment
    • Finance
    • Healthcare
    • Industrial Goods & Services
    • Marketing & Sales
    • Retail & Consumer
    • Technology & IT
    • Transportation & Logistics
  • Events
  • About
    • About Us
    • Contact
    • Imprint
    • Legal & Privacy
    • Newsletter
    • Partner With Us
    • Writers wanted
Subscribe
No Result
View All Result
Dataconomy
  • News
  • AI
  • Big Data
  • Machine Learning
  • Trends
    • Blockchain
    • Cybersecurity
    • FinTech
    • Gaming
    • Internet of Things
    • Startups
    • Whitepapers
  • Industry
    • Energy & Environment
    • Finance
    • Healthcare
    • Industrial Goods & Services
    • Marketing & Sales
    • Retail & Consumer
    • Technology & IT
    • Transportation & Logistics
  • Events
  • About
    • About Us
    • Contact
    • Imprint
    • Legal & Privacy
    • Newsletter
    • Partner With Us
    • Writers wanted
Subscribe
No Result
View All Result
Dataconomy
No Result
View All Result

Western Union Fights Wire Transfer Fraud With Big Data

by Artur Lapinsch
May 31, 2016
in Big Data, Finance, News
Home Topics Data Science Big Data
Share on FacebookShare on TwitterShare on LinkedInShare on WhatsAppShare on e-mail

Big data is allowing Western Union to be proactive in fight against fraudulent wire transfers. They are using massive databases of customer information to analyse the risk that particular transactions may be fraudulent. If they believe any given transaction is the result of a scam, they have the power to block it- but of course, there’s always the risk of losing money (and even customers) if they block non-fraudulent transactions.

“The fraud prevention challenge is staying ahead of the bad guys,” stated David Thompson, Western Union’s chief information officer and executive vice president of global operations and technology. “There are a lot of bad people in this world. In financial services, we have financial scams, lover scams, and elderly scams. They prey on consumers, and we are put in a position of trying to protect the consumer from these schemes.”

The amount of transactions processed through Western Union is immense- they currently have access to 200TBs of data, an amount which is set to grow by 100TBs year on year. To manage and process all of this data, Western Union are using the Hadoop open source framework on top of commodity hardware; a solution they’ve found to be much faster and more cost-effective than their previous data warehouses. They then use visualisation programmes Tableau and Tibco to build images of cashflows, and identify scam hotspots.

If your money is going overseas, Western Union can check if you’ve ever sent money to this country before. If you haven’t, it can check if the email address of the recipient has just been set up, or if you are linked to them via social media networks. These are all powerful tools that offer customers greater peace of mind that their money is going into safe hands.

One possible use of the technology is set up automatic reminders. If you transfer money to a particular account on a monthly basis, but then forget one month, the technology is capable of noticing this and sending you a text alert. Of course, some would consider this a breach of privacy if you didn’t opt-in, whereas others might welcome the helpful reminder. “You have to know your customer,” Thompson said. “I ultimately want to know your personal preferences, and how I can serve you better.”


Join the Partisia Blockchain Hackathon, design the future, gain new skills, and win!


Read more here.
(Photo credit: Tax Credits)

Tags: FraudHadoopTableauTibcoWestern Union

Related Posts

How did ChatGPT passed an MBA exam

How did ChatGPT passed an MBA exam?

January 27, 2023
Google code red: ChatGPT and You.com like AI-powered tools threatening the search engine. Moreover, latest Apple Search rumors increased the danger.

Google code red: ChatGPT, You.com and rumors of Apple Search challenge the dominance of search giant

January 26, 2023
T-Mobile data breach 2023 explained: Learn how did the leak happen and explore T-Mobile data breach history. It is not the first time of the company

T-Mobile data breach 2023: The telecom giant got hacked eight times in the last six years

January 20, 2023
Microsoft layoffs 2023: Amazon job cuts that affect 11,000 employees explained. Big tech layoffs continue... Learn why and what will happen next.

Microsoft layoffs will affect more than 11,000 employees

January 18, 2023
Medibank Data Breach Class Action: Compensation can reach up to $20,000 per person

Medibank Data Breach Class Action: Compensation can reach up to $20,000 per person

January 16, 2023
What is DoNotPay AI Lawyer? The world's first robot lawyer ready to give $1 million to represent you. How does it work? Keep reading.

DoNotPay AI lawyer is ready to give $1 million for any case in US

January 12, 2023

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

LATEST ARTICLES

BuzzFeed ChatGPT integration: Buzzfeed stock surges after the OpenAI deal

Adversarial machine learning 101: A new cybersecurity frontier

Fostering a culture of innovation through digital maturity

Nvidia Eye Contact AI can be the savior of your online meetings

How did ChatGPT passed an MBA exam?

AI prompt engineering is the key to limitless worlds

Dataconomy

COPYRIGHT © DATACONOMY MEDIA GMBH, ALL RIGHTS RESERVED.

  • About
  • Imprint
  • Contact
  • Legal & Privacy
  • Partnership
  • Writers wanted

Follow Us

  • News
  • AI
  • Big Data
  • Machine Learning
  • Trends
    • Blockchain
    • Cybersecurity
    • FinTech
    • Gaming
    • Internet of Things
    • Startups
    • Whitepapers
  • Industry
    • Energy & Environment
    • Finance
    • Healthcare
    • Industrial Goods & Services
    • Marketing & Sales
    • Retail & Consumer
    • Technology & IT
    • Transportation & Logistics
  • Events
  • About
    • About Us
    • Contact
    • Imprint
    • Legal & Privacy
    • Newsletter
    • Partner With Us
    • Writers wanted
No Result
View All Result
Subscribe

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Policy.