FRAUD & SECURITY INSIGHTS

Protect your data, protect your customers

Recent Fraud & Security articles

Fraud detection and machine learning: What you need to knowMachine learning and fraud analytics are critical components of a fraud detection toolkit. Discover what you’ll need to get started defending against fraud – from integrating supervised and unsupervised machine learning in operations to maintaining customer service.
6 ways big data analytics can improve insurance claims data processingWhy make analytics a part of your insurance claims data processing? Because adding analytics to the claims life cycle can deliver a measurable ROI.
Next generation anti-money laundering: robotics, semantic analysis and AIAdding AI and machine learning to your anti-money laundering program can combat rising compliance pressures, complexity and risks. Learn about the results innovative financial institutions around the globe are getting from next-generation AML.
How AI and advanced analytics are impacting the financial services industryTop SAS experts weigh in on topics that keep financial leaders up at night – like real-time payments and digital identity. See how advanced analytics and AI can help.
Intelligent policing: Data visualization helps crack down on crimeLearn how data visualization can give police real-time views of locations enriched with other data to help them make intelligent, fact-based decisions.
Shut the front door on insurance application fraud!Fraudsters love the ease of plying their trade over digital channels. Smart insurance companies are using data from those channels (device fingerprint, IP address, geolocation, etc.) coupled with analytics and machine learning to detect insurance application fraud perpetrated by agents, customers and fraud rings.
4 strategies that will change your approach to fraud detectionAs fraudulent activity grows and fighting fraud becomes more costly, financial institutions are turning to anti-fraud technology to build better arsenals for fraud detection. Discover four ways to improve your organization's risk posture.
Know your blind spots in tax fraud preventionTax agencies sometimes miss fraud that's happening right under their noses – despite robust external fraud prevention efforts. Find out where traditional tax fraud prevention and detection efforts fall short, and how analytics can change that.
Are you covering who you think you’re covering? Payers often don't focus enough on healthcare beneficiary fraud in public and private healthcare plans. Before paying a claim, payers need to ensure beneficiaries are eligible. Advanced analytics applied to a broad range of data can help them accurately detect and prevent beneficiary fraud.
Containing health care costs: Analytics paves the way to payment integrityTo ensure payment integrity, health care organizations must uncover a broad range of fraud, waste and abuse in claims processing. Data-driven analytics – along with rapid evolutions in the use of computer vision, document vision and text analytics – are making it possible.
Analytics: A must-have tool for leading the fight on prescription and illicit drug addictionStates and MFCUs now have the analytics tools they need to change the trajectory of the opioid crisis by analyzing data and predicting trouble spots – whether in patients, prescribers, distributors or manufacturers. The OIG Toolkit with free SAS® programming code makes that possible.
How to uncover common point of purchaseFraudsters use many techniques to steal card data. Banks that want to stay ahead of common point of purchase (CPP) and contain the costs of fraud need to implement advanced analytics techniques to strengthen their fraud prevention programs.
Top prepaid card fraud scamsThe margin for prepaid cards is slim, so it's particularly important to root out the scams. Here are some tips for combating and mitigating prepaid card fraud.
Online payment fraud stops hereBillions of dollars each year are lost to online payment fraud through channels that provide convenient – yet vulnerable – ways to shop and bank. See how to fight back and win with advanced analytics.
Detect and prevent banking application fraudCredit fraud often starts with a falsified application. That’s why it’s important to use analytics starting at the entrance point. Learn how analytics and machine learning can detect fraud at the point of application by recognizing the biggest challenge – synthetic identities.
Strengthen your payment fraud defenses with stronger authenticationThe rapid growth of digital wallets and payment applications ushered in many new payment fraud threats. Today, it’s more critical than ever to authenticate users. Learn four innovative to ways strengthen your authentication defenses while reducing false positives and protecting customers’ assets.
Health care cost containment through big data analyticsHealth insurers are plagued by fraud, waste and abuse. For health care cost containment, an enterprise approach to payment integrity using data management and analytics can help. With this approach, payers can detect and prevent fraud; influence provider, employee and patient behavior; and substantially reduce costs.
Managing fraud risk: 10 trends you need to watchSynthetic identities, credit washing and income misrepresentation – these are just some of the trends to watch if you’re trying to understand how to manage fraud risk. Find out what’s on the top 10 list of trends according to experts like Frank McKenna and Mary Ann Miller.
Payment fraud evolves fast – can we stay ahead?Payment fraud happens when a criminal steals a person’s private payment information, then uses it for an illegal transaction. As payment trends evolve, so do the fraudsters. Banks and PSPs can fight back with advanced analytics techniques that adapt quickly to spot anomalies in behavior.
Unemployment fraud meets analytics: Battle lines are clearly drawnMany fraudsters seized opportunities presented by the COVID-19 pandemic. During the crisis, unemployment fraud became a battleground between international criminal networks and government agencies. Learn how analytics can save billions – and deliver benefits to those truly in need.

Fraud & Security: The Basics

No organization looks forward to hearing about fraud – which the Association of Certified Fraud Examiners defines as “any intentional or deliberate act to deprive another of property or money by guile, deception or other unfair means.” Yet fraud is one of the biggest risks many organizations face. Fraud and financial crime can be committed by employees, customers, vendors, suppliers and others. Regardless of where it starts or how it happens, it’s important to stay up to date on the latest fraud trends and techniques you can use to fight it. Explore the topic of fraud from the perspectives of many experts in the field.

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What is fraud prevention?

The incidence and sophistication of fraud, waste and abuse are on the rise in every industry, fueled in part by the ongoing financial uncertainty gripping the world's economy. No matter what industry you're in – banking, insurance, health care, government – your organization is likely feeling the effects. And feeling the pressure do something about it.

To fight fraud effectively, you must continually improve the way you monitor customer behavior across multiple accounts and systems. Get the latest insights on fraud prevention and the technology that gives organizations the upper hand in detecting fraud in any form, at any touch point.

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What is anti-money laundering (AML)?

Criminals use money laundering – a financial crime – to hide the origins of their “dirty money” so it will appear to be from a legitimate source. Fraudsters follow a complex, three-step process to cover their tracks.

Banks and other financial institutions perform anti-money laundering activities to fight money laundering. They do so for moral reasons and to achieve compliance with legal requirements.

The list of criminal activities tied to money laundering is long. Smuggling, embezzlement, bribery, terrorist financing, prostitution rings and human and drug trafficking are just a few examples.

Learn more about anti-money laundering