With the improvement of technology, fraudsters can more easily disguise themselves and move faster. Therefore nowadays fraud prevention teams have to up their games in order to see through disguise in time. In this article, we will see how Cyberfraud Intelligence & Analytic program achieved Fraud Prevention using real time data at Ibotta.
Ibotta – which is “a free cash back rewards platform” – realized this when their platform started growing so they created the Cyberfraud Intelligence & Analytics (C.I.A.), which is a best-in-class fraud prevention analytics program. Their fraud prevention must be diverse to handle the element of time. They must make real-time decisions about fraud with the help of 3rd party vendors and home-grown systems.
In a battle against fraud access to real-time data is key because prevention teams have to spot the problem as soon as possible and then analyze and address it to minimalize potential damages
Ibotta eventually decided to put their trust into Imply because it would allow them to meet their business goals by
- Rapid response
- Trust through proactivity
- Democratization of data
Ibotta separates the use cases into three storage layers: a data lake, data warehouse and data river. Nowadays many companies rely on skilled technicians who provide processed data to the business. The implementation of the data river along with the data lake and data warehouse enables to fill the major gap in the data ecosystem so Ibotta can effectively manage time-critical analytics. The utilization of these three storage layers makes the system more flexible which is paramount for detecting fraud data.
Imply helps enable non-skilled workers to add value to data, thus reducing technical barriers to entry. Read more about Combating fraud at Ibotta with Imply here