I recently had the pleasure of being interviewed about fraud in Canada by Mark Bunting, the host of Business News Networks, The Close. Fraud remains a huge problem around the globe, and Canada is no exception. In fact, many have argued that Canada’s fraud penalties are not strong enough to serve as an effective deterrent – making Canada a hot bed for all kinds of fraud. Surprisingly, according to a recent SAS-commissioned study of more than 1000 senior Canadian business executives in mid- and large-sized organizations, even though the vast majority (80 percent) of them admitted that fraud prevention and detection were a priority, only 9 percent are using business analytics software effectively to help detect fraud!
Criminals have the advantage in the world of fraud because organizations need advanced analytics to sift through volumes of data and transactions to make accurate, real-time decisions to detect and prevent fraud. A technology infrastructure with end-to-end data integration and advanced analytics that integrates network analytics, fraud detection and prediction, alert management and case management is a must for organizations that want the upper hand in preventing, detecting and fighting fraud in any form, at any touch point.
With Big Data as the latest tech word du jour, only organizations that are using their vast amounts of information effectively to help drive greater insight in fraud detection will stand a chance at winning in the world of fraud.