IBM has introduced new software and services to assist organizations in using big data analytics to address and protect against the $3.5 trillion lost each year to fraud and financial crimes.
As part of these offerings, IBM launched its “smarter counter fraud” initiative, based on the expertise and innovation of more than 500 fraud consulting experts, 290 fraud-related research patents and the $24 billion invested in IBM’s big data and analytics software and services since 2005.
The new software and services include:
Counter fraud management software, a single offering that unites 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. In conjunction, IBM launched a new counter fraud intelligence task force, IBM Red Cell, which will work with IBM X-Force to research trends and develop strategies.
Counter fraud service offerings, anchored by IBM’s Smarter Counter Fraud Center of Competency, and providing consulting, software and technology expertise to clients that encompass: strategy and road maps, target operating models, and scaling and managing.
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. The assets are available across industries with specific focus on the use cases of: medical fraud, insurance claim fraud, public tax fraud and occupational fraud.
"With today’s news 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,” stated Robert Griffin, vice president of IBM Counter Fraud Solutions. "These technologies allow organizations to move and adapt at the speed of threat in ways that human beings simply can't. 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."