Like most other businesses, banking and financial services organizations are fighting to adapt in this new, disruptive, digital world — and like most other businesses, big data analytics is at the top of the list of solutions to reign in. While those with the proper expertise and knowledge are finding great opportunity via big data analysis, unfortunately, not everybody is necessarily ready to deploy these solutions. Here’s how big data is changing the banking, finance, and credit industry.
Identity Theft, Credit Fraud, and Data Breaches
Beginning around 2014 or 2015, the world began to understand just how badly malicious actors wanted to profit from data breaches — as well as just how far these actors would go. According to the experts at University of Illinois Chicago, “more than 750 data breaches occurred in 2015, the top seven of which opened over 193 million personal records to fraud and identity theft.”
While this first spate of cyberattacks generally targeted healthcare data, criminals also began stepping up their initiative to steal and sell credit card numbers on the black market, particularly the dark web. Mobile payments using secure systems have become more popular recently, used by 6 percent of adults in 2013 and rising to …