IBM is introducing new software and services to help organizations use Big Data and Analytics to address the $3.5 trillion lost each year to fraud and financial crimes.
A new generation of criminals are using digital channels ? such as mobile devices, social networks and cloud platforms - to probe for weaknesses and vulnerabilities. The pace of this threat continues to accelerate - identity fraud impacted more than 12 million individuals in 2012, resulting in theft of nearly $21 billion, and each day the U.S. healthcare industry loses $650 million due to fraudulent claims and payments.
IBM's new software allows organizations to gain better visibility and take a more proactive, holistic approach to countering fraud. This includes the ability to aggregate Big Data across a variety of internal and external sources - including mobile, social and online - and apply analytics that continuously monitor for fraudulent indicators. The new offerings feature advanced analytics that understand non-obvious relationships and co-occurences between entities, new visualization technologies that can identify and connect fraudulent patterns closer to point of operation, and machine learning to help prevent future occurrence based on previous attacks and behaviors.
IBM says that the new offerings can detect cross-channel mobile fraud and prevent cybercrime enablers like phishing scams. They can enable an insurance company to review thousands of claims in real-time to flag potentially fraudulent activity while processing legitimate claims faster, or help a global bank more accurately detect and investigate money laundering activities to meet regulatory compliance.
More information about IBM's "Smarter counter fraud" initiative, is available at www.ibm.com/smartercounterfraud.