Big data analytics, fraud and early risk detection

Introduction – Big data analytics provides enterprises productivity and innovation, giving them the opportunity to exploit full potential of data and respond quickly to changes. Big data are helping enterprises improve their services and products, making them introduce new techniques that manage more efficiently and effectively their processes.
Purpose – The research concentrated on how the businesses in Cyprus use the big data analytics, how it affects them and in which sectors are implemented. How big data techniques and algorithms contribute to risk management. Moreover, it demonstrates what risks the businesses that do not use data analytics have and how they are affected.

Methodology – Theoretical analysis of the topic is utilized, as well as a mixture of quantitative and qualitative techniques. The data have been collected by using questionnaires and interviews with companies and people who are using the big data analytics, asking them to respond on the importance of the use of the big data analytics.

Results – the participants that worked in very small companies, as well as medium and large companies, consider very important the collection and analysis of data relating to their organization operations whereas most participants that worked in small companies consider it moderately important as also most of the participants that were from 18-29 years old, said that they have moderate general understanding of big data, most of the participants that were from 30-49 years old, have full or good general understanding of big data general understanding of big data, whereas most participants that were from 50 years old and up, said that they don’t a general understanding of big data at all.

Conclusion - The constant evolution of technologies combined with the science of Big Data has a huge impact on today's business, helping companies, large and small, to have a powerful weapon for improved decision making as well as better real-time information for all parts of the business. It is certain that Big Data has a wide range of possibilities with great prospects for the future, helping businesses to constantly evolve and grow, in order to achieve the maximum possible business benefit.