The Morning Download: Visa IDs $2 Billion in Potential Cyber Fraud - Wall Street Journal (blog)

The Morning Download: Visa IDs $2 Billion in Potential Cyber Fraud - Wall Street Journal (blog)

Good morning. Visa Inc. has been able to identify and take action against cybercrimes worth $2 billion thanks to predictive analytics, says Ellen Richey, its chief enterprise risk officer. Visa uses an analytic engine based on open source Hadoop software that allows the company to analyze 100% of its transaction data, rather than just 2% as it had in the past; it can study as many as 500 aspects of a transaction at once, versus the 40 aspects it was able to inspect in 2005; and instead of using just one analytic model, Visa now operates 16 models, covering different segments of its market. “From the strategic point of view, we are achieving an amazing improvement, year over year, in our ability to detect fraud,” Ms. Richey tells CIO Journal.

Source Article from http://blogs.wsj.com/cio/2013/03/12/the-morning-download-visa-ids-2-billion-in-potential-cyber-fraud/