Payments & Identity Fraud – The Numbers are Staggering

The financial services industry is facing significant challenges due to the rise of customer data breaches and increased fraud. With the global payments industry making up 34% of overall banking revenues, it's estimated that US consumer banking industry faces almost $50 million in potential losses daily from hackers hitting mostly online retailers. Mobile payment revenue is expected to hit $4.5 trillion by 2023, but this area also poses a significant concern due to vulnerabilities in small payment devices. In the past six years, $112 billion has been stolen through identity fraud, averaging at about $35,600 lost every minute. The security of financial services is a top priority for customers, with 70% ranking it as their main concern when using banking apps. However, many organizations still rely on traditional data architectures that prevent them from tapping into the necessary data to improve security and customer experience. Companies are now building transactional analytics systems for fraud prevention and detection, such as Aerospike's real-time transaction and analysis processing system used by companies like PayPal, Neustar, and ThreatMetrix.