Data Observability: The Key to Enhancing Banking Security

Banking fraud is on the rise globally, with losses reaching $486 billion in 2023 alone, according to a Nasdaq report. The Federal Trade Commission reported a 30% increase in identity theft cases in banking for the same year. Traditional anti-fraud methods are proving insufficient against today's sophisticated schemes, necessitating advanced fraud detection measures like real-time data observability. Real-time data observability enables continuous monitoring of transactions and identification of unusual patterns that could indicate fraud, improving data quality and accuracy. This proactive approach ensures quicker responses to potential threats, minimizing financial losses and protecting customer trust.