modern crime scene investigation

From AI and Big Data to Top Notch In-House Fraud Detection Systems

CSI has many perks, such as high speed ballistics photography, 3D forensic facial recognition and even access to DNA sequencers, regardless of how slow all these may be in reality as compared to the eponymous TV show.

Contemporary crime scene investigation is impossible without financial forensics. While CSI can practice its magic only after the big bad has occurred, contemporary financial forensics are automated and proactive, constantly protecting people's life savings and banks’ property from a rising tide of cybercrime.

There are many layers of financial forensics. One is feeding Artificial Intelligence bots with Big Data to detect fraud more accurately. Another is helping prevent online money laundering, discovering small time thieves from skimming POSs and ATMs and from using social engineering to attack.

To fight all these, financial institutions are utilizing both in-house and outsourced services the demand for which is growing as fast as the market they are in.

One cannot put a price on life, is an age old truth. Alas, the price of financial fraud is fast becoming immeasurable as well. 

According to a McAfee survey, it is now estimated that cybercrime is costing the global economy a staggering $400 billion annuallyIt is hard for anyone to imagine that kind of money. Is then even imaginable that money laundering is an even bigger business? It is estimated at $1 to $2 trillion dollars per annum, equaling 2 to 5 percent of global GDP.

Criminals are becoming more innovative as the payments ecosystem is becoming more diverse, paving its way towards omnichannel purchases.