Fraud prevention solution – should we build it in-house or should we buy it?

Sean Neary, Financial Services Fraud Experts at Featurespace speaks to the Paypers.

Organizations want to reap the benefits of combining the power of machine learning with their own analytics but with fraud levels continuing to rise, the cost of fighting fraud is at an all-time high.

As financial institutions are actively seeking a cost-balanced fraud and risk management solution to detect more fraud without compromising their customer experience and raising their operational costs, one question asked frequently by businesses is ‘should we build in-house or should we buy?’

Sean Neary, Financial Services Fraud Expert at Featurespace warns it’s unlikely that it can be done at a lower cost than implementing a fraud prevention software from a specialised supplier and discusses exactly what businesses must consider before embarking on such a large-scale and costly operation.

If your business is asking the same question, continue reading the full article here.  

Sean Neary

Sean Neary

Senior Product Officer at Featurespace

About the author:

Sean joined Featurespace in 2016 as a Financial Services Subject Matter Expert and was appointed as Senior Product Officer in mid-2018. Leading the Fraud Market Expert team, he has utilised his industry expertise and knowledge to ensure that Featurespace’s ARIC platform development matches the sector’s needs and expectations. Sean has been in the Financial Fraud industry for over ten years; starting his career in the operational environment as a Fraud Analyst at Barclaycard, Sean worked his way through the operational sectors, from complex fraud to special investigations and management. He moved from the front line and into fraud strategy and analytics, where his main role was to risk assess new trends, technologies and projects that affected fraud across the bank. His experience enabled him to work within all areas across the bank, gaining an understanding of the holistic aspect of the business and how fraud was linked to everything.

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