Public Safety: Fighting Fraud with "Big Data" Visibility and Intelligence
Duration: 60 minutes
For industries with a full-time focus on fighting fraud -- such as banking, insurance, and healthcare, among others -- information is invaluable. Although direct financial losses from fraud can vary significantly from one industry to another or in different parts of the world, the annual cost of fraud is substantial and the benefits of reducing it are very real.
The problem is not that there is too little information, but too much -- internal sources, external sources, across multiple channels, both structured and unstructured -- and most of it in disparate stovepipes and silos. Manual processes to aggregate, correlate and analyze this information are costly in terms of both time and resources, and often result in human error and crucial missed connections. As a result of the sheer volume and diversity of data, most organizations are forced to react to and investigate fraudulent activities after they have already occurred. As fraudsters methods become more complex, this additional time to investigate can prove costly.
For most organizations the data they need to rapidly and effectively investigate fraud already exists, but the intimidating problem lies in sorting, consolidating and analyzing it. This seminar will show how next-generation solutions are solving the "big data" challenge, and are providing enterprises with the visibility and analysis they need to move from post-incident forensics to pro-active and predictive fraud intelligence, with a quick time to value.