Countering fraud with big data and analytics
“Crime rings stop selling drugs during tax season because tax fraud is more valuable than selling drugs.”—Nonie Manion, Executive Deputy Commissioner, NYS Tax Office
A standing room only crowd of invited guests converged at the New York Palace hotel on Thursday to listen to experts from government, insurance, healthcare and banking talk about one thing: countering fraud.
Each year $3.5 million is lost to fraud and financial crimes. Twelve million people had their identities stolen in 2012, which equates to $21 billion. And every single day, $650 million is lost in the U.S. healthcare system to fraud.
IBM wants to help stop that by arming organizations impacted by fraud with the power of Big Data & Analytics. To do that, IBM is launching a “Smarter counter fraud” initiative, drawing on the expertise and innovation from more than 500 fraud consulting experts, 290 fraud-related research patents and $24 billion invested in IBM’s Big Data and Analytics software and services capabilities since 2005.
At the event, Bob Griffin, VP of IBM Counter Fraud Solutions, led a discussion with some of the industry’s most well-versed fraud and cybercrime experts, including Theresa Payton, founder of security firm, Fortalice, LLC, and former White House CIO and thought leaders from Bank of America, SunTrust, New York State, Westfield Insurance and others.
“IBM is applying many of the same tactics, techniques and procedures used by the intelligence and law enforcement communities to help commercial organizations take a holistic view of this growing and pervasive threat,” said Griffin. “These technologies allow line of business leaders to quickly adapt to emerging threats across the entire organization. Our new initiative puts big data and analytics into the hands of those tasked with defending their organizations from financial losses, protecting the brand and delivering exceptional customer service.”
- Counter Fraud Management Software: A single offering that brings together IBM’s big data and analytics capabilities to help organizations aggregate data from external and internal sources and apply sophisticated analytics to prevent, identify and investigate suspicious activity
- Counter fraud service offerings: Industry-aligned services that combine IBM’s consulting, software and technology expertise to help clients improve their counter fraud programs
- Fraud discovery assets: A portfolio of customizable, research-developed assets that use analytics to discover fraud, waste, abuse and errors in data intensive industries and functions
For more information:
- Press release: IBM Launches New Software and Consulting Services to Help Organizations Tackle $3.5 Trillion Lost Annually to Fraud and Financial Crime
- Smarter Planet blog post from Bob Griffin: Using Big Data to Stop Fraud in its Tracks
- Video: Smarter counter fraud from IBM: New Threats. New Thinking.
- Infographic: Countering fraud in a big data world
- New York Times article: IBM's big hope for fraud
- Counter fraud website