Zoot’s fraud solution uses a collection of comprehensive fraud detection techniques – providing a unique hybrid approach to analytics that includes business rules, anomaly detection, predictive analytics, text mining and social network analysis to reveal hidden relationships and suspicious associations among customers, accounts and other entities.
The implications of financial crime against banks are accelerating rapidly and now represent one of the biggest areas of concern for the financial services industry. It is likely to grow to one of the largest drivers of IT expenditure in the coming years. Typical organizations lose five percent of revenues to fraud each year, with banking being one of the most commonly victimized industries. In addition to revenue, nothing compares to the costs in lost productivity and damage to reputations and customer confidence.
Zoot’s fraud solution can transform business performance for financial services organizations. Implementing a comprehensive and structured program to detect and prevent fraud has become a core driver in business growth, delivering real competitive advantage.