Open Banking: Streaming Analytics for Behavioral Profiling

Digital banking channels are increasingly popular, and understanding the behavior of genuine customers is vital in preventing new types of fraud. Only by understanding each customer’s behavioral patterns, in terms of their transactional activity, is it possible to develop effective solutions that fight increasingly sophisticated digital fraud. The open banking revolution makes understanding each customer’s behavior even more important in preventing fraud by considering all the aspects of transactions. Transactions in the world of open banking contain data not previously seen in the payments ecosystem. This white paper focuses on patented behavioral profiling approaches that are extremely important in tackling fraud that happens when banks share financial data with third parties through application programming interfaces.