A new product leveraging big data technology to detect abnormal transaction activities in the finance space has launched in Singapore’s finance market.

DBS Bank announced the launch of the activity tracker recently, following the bank’s partnership with A*STAR’s Institute for Infocomm Research (I2R), and data management and analytics platform provider Cloudera.

DBS Bank managing director for technology and operations, Choong Yang Ping, said that the initiative was vital as uncertainty over Cybersecurity, risk, hacking and fraud continues to plague banks as digital capabilities increase.

“This [tracker] has helped the bank create a more robust platform to detect trade anomalies,” he said.

“With global trade set to grow, and increased regulatory demands on anti-money laundering and fraud prevention, we believe in taking a proactive approach to enhancing our current risk management processes.”

The implementation of the tracker will assist DBS to detect fraud anomalies through transactional trends, cancelling out the need to check singular transactions.

Cloudera chief strategy officer and co-founder, Mike Olson, said that the legislative challenges around finance innovation were tight and that catching criminals in the system could be difficult.

“Financial services businesses face tremendous regulatory pressure from authorities to recognise and prevent fraud, to comply with international law and to reduce risk,” he said.

“The finance industry is going digital and financial services companies like DBS are harnessing data to make informed decisions and identify trends.”

DBS, I2R and Cloudera will roll out the system across the bank and aim to extend to customer portfolio view in real time as the next step.