FRAUD & SECURITY INSIGHTS
Protect your data, protect your customers
Recent Fraud & Security articles
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Analytics can help prevent substance use disorder and over-prescribingStates 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.
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Anti-money laundering and counter-terrorist financingTo monitor for financial crimes, an essential element for both anti-money laundering and counter-terrorist financing is using data analysis to detect unusual activity during processing by monitoring transactions, customers and the network of behaviors.
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What do drones, AI and proactive policing have in common?Law enforcement and public safety agencies must wrangle diverse data sets to be effective in their operations. Intelligence analysts are using that data to apply machine learning and AI for more proactive policing.
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Fraud detection and machine learning: What you need to knowFrom integrating throughout operations to maintaining customer service, machine learning – supervised and unsupervised – is a critical part of the fraud detection toolkit. Here’s what you’ll need to consider to get started.
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Proactive detection – A new approach to counter terrorTo counter terror, investigative teams can better utilize the data they already have by applying a fresh approach with these steps to proactive detection.
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Stop contract and procurement fraudFraud affects an estimated 30 percent of organizations' procurement processes. Beyond business rules and anomaly detection, analytics can detect and prevent fraud and preserve the integrity of the procurement process.
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Analytics for prescription drug monitoringPrescription drug monitoring programs (PDMPs) are a great start in combating abuse of prescription drugs, but they could be doing much more. Better data and analytics can inform better treatment protocols, provider education and policy decisions – and save lives.
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A modern cybersecurity strategy: Building a budgetA cybersecurity strategy requires more than just executive support. Learn how IT can get the tools and training designed to protect you from modern threats.
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Bridge the gap between financial crime analytics and investigationsHow to manage the escalating analytic demand required to run financial crime platforms.
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An executive perspective on risk and fraudHSBC's global risk COO on how the world’s second-largest bank uses data management, analytics and industry expertise to tackle financial crime and more.
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Transaction monitoring: To segment or not?A typical anti-money laundering transaction monitoring program has scenarios that monitor the customers and accounts that pose the most risk. The fact is … this one-size-fits-all methodology isn’t very effective because customers transact differently based on many factors. So how do you incorporate that into your program?
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Putting an end to pay and chaseSophisticated technology-driven approaches can not only root out fraud in social benefits programs, but find it before payment is made. A proactive approach can reduce the 5 to 7 percent of government dollars that end up in fraudsters’ pockets.
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Mobile payments, smurfs and emerging threatsM-payment remittances are replacing traditional banks and money services that have historically charged high fees for small transfers. The advantages and pitfalls of these M-payments for law enforcement and financial services are many. Former US Treasury Special Agent John Cassara maps what he sees in the road ahead and gives advice for protecting your firm.
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Top five 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 combatting and mitigating prepaid card fraud.
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Rethink Customer Due DiligenceGiven recently enacted compliance laws like the Foreign Account Tax Compliance Act (FATCA ), there’s never been a better time to re-examine your current CDD processes and enabling technology. Automated analytical tools can help you accurately segment and identify customers by the risk they represent so you can monitor them appropriately and make the best use of investigative resources.
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Are you covering who you think you’re covering? How rigorous are you in determining membership eligibility? If you are not diligent enough, you may be letting money slip out the door. In fact, by some estimates, between 4 and 18 percent of all health plan benefits are paid out in error due to eligibility fraud issues.
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Fighting cyberwars with cyberanalyticsMike McConnell, former US Director of National Intelligence, told the US Senate, “If the United States were at cyberwar, it would lose.” If that is even remotely true, cyberdefenders need to be outfitted with the most effective weapon for winning the war – analytics.
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Why it's so easy to steal from insurance companies – and what to do about itThe former leader of a successful and sophisticated fraud enterprise that operated in Southern California recently spoke to a group of leading fraud investigators in Florida about how he was able to steal so much money from them, who does it and why it's so easy.
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Situational awareness – ‘seeing’ your security gapsIn the past, financial services organizations and government agencies have looked at cybersecurity as an IT problem. Today we know that we have to look at it as a risk management problem. Situational awareness should be part of the broader risk management strategy because cybersecurity isn’t just an IT problem.
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Six ways big data analytics can improve insurance claims processingWhy make analytics a part of your claims processing? Because adding analytics to the claims life cycle
can deliver a measurable ROI. Just a 1 percent improvement in the loss ratio for a $1 billion insurer is worth more than $7 million on the bottom line.
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