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Global Contact Information

We have offices across the globe. Please ensure that you are getting in touch with the correct office for your region.

United States

Woodbridge, NJ (Global HQ)

90 Woodbridge Center Drive

Suite 360

Woodbridge, NJ 07095

Tel: 1-732-739-2330

Fax: 1-732-739-1996

Philippines

Metro Manila

8th Floor Room 801, Raffles

Corporate Center

Emerald Ave., Ortigas Center

Pasig City, Metro Manila 1605

Malaysia

Kuala Lumpur

Level 1 & 2, Tower 3, Avenue 7

Horizon 2 Bangsar South City,

Bangsar South, 59200 Kuala

Lumpur, Wilayah Persekutuan

Kuala Lumpur, Malaysia

China

Beijing

Rm 2201, South Tower, Soho

Shangdu Dongdaqiao 8th Road

Chaoyang Disctrict

Tel: +86 10 5878 0578

Fax: +86 10 5878 0568

Qingdao

Room 2101, Peninsula

International Building,

182-8 Haier Road, Qingdao,

Shandong 266000

Tel: +86 532 68669385

Fax: +86 532 68669385-8610

Shanghai

Unit G, H, 18th Floor

Shanghai Industrial Building

18 Caoxi North Road

Xuhui District, Shanghai 200030

Tel: +86 21 64270570

Fax: +86 21 64270570-8530

Chengdu

26th Floor, Building 2 Xiang Nian Plaza Fifth Jitai Road

Gaoxin District, Chengdu, Sichuan China, 610041

Tel: +86 21 64270570

Fax: +86 21 64270570-8530

Wan Chai, Hong Kong

5/F Heng Shan Centre

145 Queen’s Road East

Wan Chai

Tel: +852 3622 3225

Fax: +852 3622 2150

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Big Data And Financial Services: How Big Data Will Help Detect Card Fraud In Real Time

January 22, 2012

Big data and the financial services industry are starting to work in tandem with one another in a variety of areas that help detect and analyze information. One area that’s needed more growth is in fraud detection on bank cards. During the holiday season, particularly, the chances of fraud on someone’s bank card can significantly increase and potentially cost banks millions of dollars to repair the situation.

Fortunately, big data has already been there recently to help weed out information to track down fraud. During that process, banks detecting fraud on bank cards usually meant an immediate freeze and a significant delay while they investigated. Now, with some improvements, one company is developing a real-time big data solution to detect fraud without requiring delays. Fraud Detection Without Disruptions A company called HortonWorks and their systems integration partner Pactera have developed a new analysis tool that allows continued use of a card without interruption thanks to a quicker analyzing process.

The system they use evolves big data even further and shows how analyzing vast amounts of structured and unstructured data in less than a minute can give a real-time picture of card fraud. The above works through a four-tiered system that can gain an accurate idea of whether someone else has used your bank card to make a purchase. This works by acquiring data, analyzing predictive models, integration, then an accurate decision. But it’s a program called Apache Storm from HortonWorks above that’s helping to analyze the data even faster.

When integrated into Hadoop, it’s becoming a powerful new tool that’s going to revolutionize the time it takes to analyze data. What Apache Storm Can Do This program touts being able to process one million messages every minute with extreme accuracy. It helps prevent and optimize various situations for any type of industry, though going after fraud for the financial industry is becoming one of its notable strong suits. It also can detect compliance violations in mere seconds. Big Data and the Impact on Future Holiday Shopping In coming years, consumers may not have to worry about card freezes when fraud suddenly occurs. It’s a true miracle to think card fraud can be scoped out in real time without disturbing consumer purchases, particularly during the holiday season. This also saves plenty of embarrassment for a consumer getting their card denied in the middle of a store transaction.

Big data has finally come to a point where it’s showing the true benefits of what it can do and will do before the end of the decade. For those who operate financial institutions, employing big data now is going to eliminate much of the risk that’s been so prevalent in that industry. Here at Comrise, we provide big data solutions for the financial industry as well as many other industries.

With 30 years experience managing IT and providing workforce solutions, we’re now a leader in big data and integrating all of our services into major companies across the country. Contact us so we can analyze how your financial institution can benefit from big data. We use quality HPCC systems and the programming language ECL as the best industry methods to process data faster than you ever thought possible.

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