Week 6 Course Paper Big Data in Fraud Detection.docx - Week...

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Week 6 Course Paper Big Data in Fraud DetectionCrystal FranklinBIAM 410Professor Ringhand
Week 6 CoursePaper Big Data in Fraud DetectionBig data fraud detection uses consumer trends to detect and prevent suspicious activity. Evenwith the consumer's purchases and credit activity can also be automatically analyzed and flaggedas potential fraud. By using big data analytics to look for patterns of fraudulent behavior inenormous amounts of unstructured and structured data, companies are detecting fraud in realtime. The return on investment for these companies will also be huges.The new uses of big data are likely in this field in the next 5 years and are going to have abig impact. Also everyone knows that big data has taken the business world by storm, but whatwill be next, and I we all know that data will continue to grow and with how far technologies aredeveloped around the world. There is no question that we will continue generating larger andlarger volumes of data, especially considering that the number of handheld devices and Internetconnected devices is expected to grow over the years to come. “Big data will face hugechallenges around privacy, especially with the new privacy regulation by the European Union.Companies will be forced to address the ‘elephant in the room’ around their privacy controls andprocedures. Gartner predicts that by 2018, 50% of business ethics violations will be related todata.”(3/2016 Benard Marr)Bigis not necessarily better when it comes to data, and the factthat businesses do not use afraction of the data they have access to as well. Instead, the idea will suggest that companiesshould focus on asking the right questions and making use of the data they have even if it is bigor otherwise. Only time will tell which of the predictions will come to pass and which willpassinto unknown, but the important takeaway thatI believe is that big data is only going to getbigger from here on out, and those companies that ignore that fact it will be left behind and willbe unable to catch up with other companies.Big data is not just an important part of the future, itwill be the future itself. The way that business, organizations, and the IT professionals who1

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Term
Summer
Professor
NoProfessor
Tags
Unstructured data, Big data fraud detection

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