Company
Date Published
Author
Aerospike Marketing
Word count
1757
Language
English
Hacker News points
None

Summary

Financial crime compliance costs were $181 billion in 2019, yet the total global financial crime cost is far higher, estimated at $1.4–$3.5 trillion annually. Real-time analytics is crucial for fraud prevention, as errors can lead to significant financial and reputational damage. The fight against financial crime is complex, requiring international cooperation and robust internal controls, and is becoming increasingly challenging due to the complexities of modern transactions. Conventional databases struggle with the massive and varied data demands of financial crime detection, prompting a shift towards NoSQL databases, which offer real-time data analytics and flexibility in handling large datasets. NoSQL databases, such as those offered by Aerospike, MongoDB, and Amazon DynamoDB, facilitate advanced fraud detection by enabling the integration of multiple data sources, providing a holistic view of transactions, and streamlining the identification of suspicious patterns. Aerospike, in particular, offers high availability, speed, and cost efficiency, helping financial institutions manage vast data volumes and enhance fraud detection capabilities.