What is fraud monitoring?

Fraud monitoring is the process of detecting and preventing fraudulent activity by continuously monitoring transactions and activity within an organization. This can be done through a variety of methods such as analyzing data patterns, setting up alerts for unusual activity, and verifying the identify of individuals attempting to access certain account or information. The goal of fraud monitoring is to protect an organization and its customers from financial loss and damage to reputation.

What is fraud detection software?

Fraud detection software is a type of computer program that is designed to automatically detect fraudulent activity by analyzing data patterns and identifying anomalies. It can be used in a variety of industries, including financial services, e-commerce, and healthcare, to identify fraudulent transactions, false claims, and other types of fraudulent activity. Fraud detection software typically uses artificial intelligence and machine learning techniques to analyze large amounts of data in real-time.

What is fraud detection?

Fraud detection is the process of identifying and preventing fraudulent activities. Fraud can take many forms, such as identity theft, credit card fraud, and money laundering, among others.

Real-Time Fraud Detection | Redis Enterprise

Power real-time fraud detection software with Redis Enterprise

With exponential growth in online transactions, detecting and mitigating fraud is now more complex than ever before. You need to handle AI and machine learning workloads, perform real-time statistical analysis, and provide consistently high write throughput at low latency. Redis Enterprise is the answer to fast, accurate detection of fraudulent transactions.

Modern digital platforms add unprecedented complexity to fraud detection

Today’s digital and mobile payments platforms are much more complex and distributed,which present many more software vulnerabilities. And they operate with a level of interconnectedness that traditional fraud detection techniques weren’t designed to address.

Keep up with financial transactions

Using current software platforms, transactions are executed nearly instantly. That processing speed creates a great customer experience. But it also leaves banks and payment processors with less time to identify and prevent fraud.

Identity validation based on static information brings far greater fraud risk

Historically, personal identity information was verified with physical documents. That information is stored online, which adds speed and convenience. But the same data is easily accessible for a single big data breach to put millions at risk due to identity theft, account takeovers, and the creation of fake identities.

Redis Enterprise meets real-time fraud detection challenges

Financial services companies lose tens of billions of dollars to fraud attacks each year. Beyond direct losses, they experience financial pain in the form of fines, settlements, and erosion of trust and customer loyalty. The increased complexity, volume, and speed of today’s online transactions means your organization needs advanced fraud detection systems to keep up with malicious fraudsters.

Update digital identities real time

Combating the use of stolen information requires maintaining up to date, real-time digital identities. Redis Enterprise can handle millions of daily updates to dynamic digital profiles. The data is returned with low latency, so that an application user is validated in real-time. Redis Enterprise also supports multiple data models to natively store the different types of identity elements. The result? Reduced complexity and lower costs.

Score transactions faster

Fraud detection systems use real-time transaction risk scoring algorithms to identify questionable purchases or payments. These systems consider transaction details, user profiles, behavioral biometrics, geolocation, IP/device metadata, account information, and more. Redis Enterprise serves real-time features for risk scoring model inferencing with sub-millisecond response latency. That means it keeps up with instant transactions and real-time applications, so you can ensure a great customer experience.

We now only use 30% of the DRAM storage we previously used, with no sacrifice in latency. That equates to hundreds of thousands of dollars in infrastructure savings each year.

Varun Kumar

Senior VP of Engineering

Using Redis Enterprise in our fraud-detection service was an excellent decision for our organization. It is enabling us to easily manage billions of transactions per day, keep pace with our exponential growth rate, and speed fraud detection for all of our clients.

Ravi Sandepudi

Head of Engineering

We initially looked to Redis Enterprise for caching, but quickly discovered that it is really good as a database—not just a simple database, but also a system configuration database. Most of our data now resides in Redis Enterprise because it’s always available and it’s always highly responsive, no matter how you query it.

Dekel Shavit

VP of Operations & CISO

Fraud Detection Demo With Redis Enterprise: Safeguarding Against Fraudulent Activities

Redis Enterprise capabilities for real-time fraud detection

Enhance customer experiences with instant responses

Redis Enterprise has been benchmarked to handle more than 22 million read/write operations per second, at sub-millisecond latencies with only a 40-node cluster on Amazon Web Services. This admirable speed enables concurrent fraud detection inline with the transaction.

Reduce costs

Redis Enterprise is available on all of the major cloud providers as a managed service or as software. It provides automation and support for common operational tasks. It also integrates with popular machine learning feature stores as well as with the platforms underpinning modern software architectures, such as containers and Kubernetes.

Redis Enterprise offers a cost-effective solution for hosting large datasets by combining DRAM, SSD (Flash), and persistent memory (such as Intel® Optane™ DC). It uses an innovative tiered approach that places frequently accessed hot data in memory and colder values in Flash or persistent memory. As a result, Redis on Flash delivers high performance similar to Redis on DRAM, while saving organizations up to 80% on infrastructure costs.

Bloom filters are probabilistic data structures used to determine if an item is part of a set. Probabilistic provides a fast, efficient implementation of Bloom filters that you can query to see whether a particular transaction is in a list of known fraudulent patterns. If it is, there’s no need to use an expensive machine learning predictive model; you already know to reject the transaction.

Seamless scalability and resilience

Redis Enterprise scales linearly and with zero downtime to provide resource-efficient databases that reliably deliver high throughput and sub-millisecond latency.

Redis Enterprise uses a shared-nothing cluster architecture and is fault tolerant at all levels. It has automated failover at the process level, for individual nodes, and even across infrastructure availability zones, as well as tunable persistence and disaster recovery.

Redis Enterprise provides Active-Active database replication with conflict-free replicated data types (CRDTs) to gracefully handle simultaneous updates from multiple geographic locations. You get global scaling without compromising latency or availability.

Next steps

Try Free

FAQ

What is fraud monitoring?
- Fraud monitoring is the process of detecting and preventing fraudulent activity by continuously monitoring transactions and activity within an organization. This can be done through a variety of methods such as analyzing data patterns, setting up alerts for unusual activity, and verifying the identify of individuals attempting to access certain account or information. The goal of fraud monitoring is to protect an organization and its customers from financial loss and damage to reputation.
What is fraud detection software?
- Fraud detection software is a type of computer program that is designed to automatically detect fraudulent activity by analyzing data patterns and identifying anomalies. It can be used in a variety of industries, including financial services, e-commerce, and healthcare, to identify fraudulent transactions, false claims, and other types of fraudulent activity. Fraud detection software typically uses artificial intelligence and machine learning techniques to analyze large amounts of data in real-time.
What is fraud detection?
- Fraud detection is the process of identifying and preventing fraudulent activities. Fraud can take many forms, such as identity theft, credit card fraud, and money laundering, among others.