Mint's 'forewarned is forearmed' solution for Sabric

With access to the right information at the right time, or, alternatively, by proactively tracking trends and patterns, banks are able to circumvent certain crimes by identifying high-risk areas or activities and responding to these threats. Preventative measures can then be deployed. Sabric processes more than 1.1 million records, with, on average, 50 individual fields each, every month. That is a lot of room for error in a space that can ill afford inaccuracies.

Mint Management Technologies (Mint) has deployed a state-of-the-art solution that the South African Banking Risk Information Centre (Sabric) uses extensively. The solution, named 'Cassandra', has been developed specifically for Sabric. "Each bank has its own methodology for capturing data, and each institution applies its own sort of enterprise 'shorthand' within data fields," explains Mint Management Technologies managing director, David Woolnough. "Creating a single, unified view of fraud information is a huge challenge, yet extremely critical."

The result is an interactive repository designed to house information relating to fraudulent activity in South Africa. From here, ITWeb reports, data can be mined, extracted and manipulated to provide operational and strategic support to the local banking industry in its fight against crime. This, says Woolnough, is a space where cyber criminals tend to act extremely quickly, often striking several times in quick succession before changing tactics or location to avoid detection. "By introducing an element of measurability, banks and CiTs are [...] in a position to assess how effective interventions have been and adjust accordingly," concludes Woolnough.

Read the full article on [[]www.itweb.co.za].