Fraud Is the World’s Biggest Crime

By: Katana Graph

February 09, 2022

Fraud Is the World’s Biggest Crime

With financial services companies more exposed to risk than ever before, technologies designed to identify fraud faster are in high demand, and Katana Graph is up to the task.

Over 40% of Americans experience identity theft each year, costing us over $600 billion in 2021. Worldwide, fraud cost businesses over $5 trillion last year, and the percentage of business expenses covering fraud has risen continuously for two decades. Fraud targets range from bank accounts and insurance policies to airline rewards accounts.

With the increased risk of account takeover and fraud, financial service companies see a greater need to minimize the potential for legal liabilities and financial loss in addition to maintaining customer loyalty and reducing operational risk. Acquiring, retaining, and engaging customers to gain their business and “share of wallet” requires the offering of premium customer experiences and expanded services.

Katana Graph empowers financial services organizations to unlock the tremendous potential of graph analytics and AI at scale, offering performance 10-100x faster than other graph solutions. The Katana Graph Financial Services data sheet explains how financial services companies can achieve more effective fraud detection in real time.

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