August 24, 2016
CNP Expo: Make Big Data Your Big Daddy
May 20, 2015
Software can help predict when and where fraud will occur. And the data available to help make those decisions is increasing. It has mounted so quickly, however, it can be difficult for merchants to manage.
“You have to think about whether it helps to have more and more data,” said Jason Tan, co-founder and CEO of Sift Science. Aggregating, manipulating and analyzing unfathomable amounts of data has become a tool to learn more about customers and we have more ability to do so than ever before. But does it produce better results?
“There’s a lot of hype [about Big Data], but there’s a lot of substance,” said Tan. “I define it as having a data set that no longer fits on one computer. Big Data’s getting even bigger.”
More data, however, does not always lead to a reduction in fraud. Several panelists agreed scientists must grow more selective.
“We’ve begun gathering more data than we are able to consume,” said Nuno Sebastiao, co-founder and CEO of Feedzai. And, having too much data becomes a problem, agreed Stephen Lin, senior director of business operations at Smarter Travel Media. “We needed to trim down what we were actually going to look at. And, are we even collecting the data we need to analyze? Part of it is getting the initial data collection done right. It’s largely finding the right solution for the right problem.”