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Algoworks - Fighting Frauds Using Big Data Visibility And Intelligence

Big Data is a large volume of high velocity, complex, and variable data which requires advanced techniques and technologies to enable the capture, storage, distribution, management, and analysis of information. Visit @ https://algoworks-solutions-inc.blogspot.com/

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Algoworks - Fighting Frauds Using Big Data Visibility And Intelligence

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  1. Toll Free : +1-877-284-1028 Toll Free : +1-877-284-1028 Toll Free : +1-877-284-1028 sales@algoworks.com sales@algoworks.com sales@algoworks.com

  2. Fighting Frauds Using Big Data Visibility And Intelligence Toll Free : +1-877-284-1028 Toll Free : +1-877-284-1028 sales@algoworks.com sales@algoworks.com

  3. Introduction - Big Data Analytics Security concerns at two levels Organization level Customer’s Information Toll Free : +1-877-284-1028 sales@algoworks.com

  4. Introduction - Small fraudsin an enterprise can turn out to betime and efforttaking process. Big Data Analytics can help you in overcoming such frauds happening in organizations. Toll Free : +1-877-284-1028 sales@algoworks.com

  5. Let’s Discuss - Key Essentials: 1. Frauds, their types and fraud detection techniques. 2. Big Data and Big Data Analytics. 3. Fraud Target. 4. Fighting Frauds Using Big Data Visibility and Intelligence. 5. Big Data Analytics Solution Providers. Toll Free : +1-877-284-1028 sales@algoworks.com

  6. Frauds, Their Types, & Analytical Techniques for Fraud Detection Toll Free : +1-877-284-1028 sales@algoworks.com

  7. Frauds, Their Types Analytical Techniques for Fraud Detection – 1/12 Defining Fraud Defn 1: The term ‘fraud’ is generally defined in the law as an intentional misrepresentation of material or existing fact which resultsin damageor information. Defn 2: Fraud comprises of illicit practices or acts which involves misrepresentationandintentional deception. Toll Free : +1-877-284-1028 sales@algoworks.com

  8. Frauds, Their Types Analytical Techniques for Fraud Detection – 2/12 What is Fraud? • Frauds must be reported periodically to seniormanagementand the board. • Audit activity must be ongoing process for detectionof Frauds. • Reporting significant risk exposures and control issues. must be supported with Toll Free : +1-877-284-1028 sales@algoworks.com

  9. Frauds, Their Types Analytical Techniques for Fraud Detection – 3/12 Defining Fraud Conclusively, any illegal act which is characterized deceit, concealment, violation of trust, end up impacting an organization’s psychological, and financial setup.. by or operational Toll Free : +1-877-284-1028 sales@algoworks.com

  10. Frauds, Their Types Analytical Techniques for Fraud Detection – 4/12 Types of Frauds Types of Frauds: 1. Corruption: Violation of duty of an employee by misusing the influence in a transaction for direct or indirect gain. Toll Free : +1-877-284-1028 sales@algoworks.com

  11. Frauds, Their Types Analytical Techniques for Fraud Detection – 5/12 Types of Frauds Types of Frauds: 2. Misuse of assets: Company resources being misused e.g theft of company’s money, false bills and inflated expenditure reports. Toll Free : +1-877-284-1028 sales@algoworks.com

  12. Frauds, Their Types Analytical Techniques for Fraud Detection – 6/12 Types of Frauds 3a. False Financial statements: Omitting the original information or adding some additional information in the financial statements thus making false financial statements. Toll Free : +1-877-284-1028 sales@algoworks.com

  13. Frauds, Their Types Analytical Techniques for Fraud Detection – 7/12 Types of Frauds An example to emphasize: 3b. Omitting and Altering: Original Line: Please help me out as I am hiding inside the cellar downstairs where my uncle is hunting me out with knives to kill me. What a dog he has become you cannot believe it. Do not take this message for a joke he is acting sick and crazy. Toll Free : +1-877-284-1028 sales@algoworks.com

  14. Frauds, Their Types Analytical Techniques for Fraud Detection - 8/12 Types of Frauds An example to emphasize: 3b. Omitting and Altering: Original Line: Original Line: Modified Line now becomes: Please help me out as I am hiding inside the cellar downstairs where my uncle is hunting me out with knives to kill me. What a dog he has become you cannot believe it. Do not take this message for a joke he is acting sick and crazy. and crazy. Please help my dog… you cannot believe it… Do not take this message for a joke …he is sick. Please help me out as I am hiding inside the cellar downstairs where my uncle is hunting me out with knives to kill me. What a dog he has become you cannot believe it. Do not take this message for a joke he is acting sick Toll Free : +1-877-284-1028 sales@algoworks.com

  15. Frauds, Their Types Analytical Techniques for Fraud Detection – 9/12 Analytical Techniques for Fraud Detection Step 1: Know: 1. The areas in which fraud can occur? 2. What fraudulent activity would look like in the data? 3. What data sources are required to test for indicators of fraud? Toll Free : +1-877-284-1028 sales@algoworks.com

  16. Frauds, Their Types Analytical Techniques for Fraud Detection - 10/12 Analytical Techniques for Fraud Detection Step 2: Techniquesauditorsuse are: 1. Calculation of statistical parameters. 2. Classification for finding patterns amongst data elements. 3. Identifying duplicity of transactions. Toll Free : +1-877-284-1028 sales@algoworks.com

  17. Frauds, Their Types Analytical Techniques for Fraud Detection – 11/12 Analytical Techniques for Fraud Detection Step 2: Techniquesauditorsuse are: 4. Identifying missing values in sequential data. 5. Validating entry dates to identify inappropriate times of postings or data entry. Toll Free : +1-877-284-1028 sales@algoworks.com

  18. Frauds, Their Types Analytical Techniques for Fraud Detection- 12/12 Conclusion 1. Fighting fraud can be costly and complex. 2. Large amount of capital is lost in frauds and even larger amount is invested to fight it. 3. When data is massive, managing and detection of fraud becomes a gruesome process. Toll Free : +1-877-284-1028 sales@algoworks.com

  19. Why Big Data Analytics Toll Free : +1-877-284-1028 sales@algoworks.com

  20. Big Data and Why Big Data Analytics - 1/4 Big Data: It is a large volume of high velocity, complex, andvariable data which requires advanced techniques and technologies to enable the capture, storage, distribution, management, and analysis of information. Toll Free : +1-877-284-1028 sales@algoworks.com

  21. Big Data and Why Big Data Analytics - 2/4 Why Big Data Analytics: 1. Volume of Information and data which organization everyday makes fraud detection difficultthanever to detect it. generates 2. Big data analytics provide a visible, feasible and intelligent method to fight fraud. Toll Free : +1-877-284-1028 sales@algoworks.com

  22. Big Data and Why Big Data Analytics - 3/4 Why Big Data Analytics: 3. Financial crimes grew due to weak global economy growth in organized crime or increasing sophistication of fraudulent schemes. 4. Current analytics systems do not support robust analytical modeling which in turn makes the process of analyzing information more difficult. Toll Free : +1-877-284-1028 sales@algoworks.com

  23. Big Data and Why Big Data Analytics - 4/4 Why Big Data Analytics: 5. Big Data Analytics and Intelligence toolshelpin fightingsuch frauds. 6. Big Data and Security approach primarily focuses on data management and consolidation, combining data integration, data quality and master data management within a unified environment. This helps in getting the cross-channel enterprise data on a single platform. Toll Free : +1-877-284-1028 sales@algoworks.com

  24. Fraud Targets Fraudsters’ Favourites: ● Banking ● Insurance ● Government Institutions ● Health Care Industry ● Retail Sector Toll Free : +1-877-284-1028 sales@algoworks.com

  25. Fraud and Predictive Analysis Toll Free : +1-877-284-1028 sales@algoworks.com

  26. Fraud and Predictive Analysis 1/7 Analysis: The Aberdeen Group analyzed the responses of 29 companies for the detection and prevention of fraud. 2. More the investment…. 1. Analysis showed companies using predictive analytics were investing more ascompared to the othercompanies. … lesser the fraud Toll Free : +1-877-284-1028 sales@algoworks.com

  27. Fraud and Predictive Analysis 2/7 Analysis: 3. It predicted the average percentage of loss in annual revenue due to fraud was 1.5%. 4. Research also states that almost an average of 730 terabyte of active data is available with each organization and this number is growing quickly. 5.HCFAC, observed that how huge investments for fighting fraud leads to satisfactory results. Toll Free : +1-877-284-1028 sales@algoworks.com

  28. Fraud and Predictive Analysis 3/7 “About 26% of the data is currently being accessed by the companies whereas the average requirement to get appreciable results is of 52%... … just about double.” Toll Free : +1-877-284-1028 sales@algoworks.com

  29. Fraud and Predictive Analysis 4/7 Data Analysis Technology Enables Fraud Examiners To: 1. Analyze organization’s business data therefore helping in identifying the transactions which indicate fraudulent activity. 2. Provide an effective way to be more proactive in the fight against fraud. Toll Free : +1-877-284-1028 sales@algoworks.com

  30. Fraud and Predictive Analysis 5/7 Data Analysis Technology Enables Fraud Examiners To: 3. Effectively test fraud, for all relevant transactions across all applicable business systems and applications. 4.Analyze business transactions therefore helping in focusing on investigative actionof those transactions that are suspicious. Toll Free : +1-877-284-1028 sales@algoworks.com

  31. Fraud and Predictive Analysis 6/7 Role of Big Data Tools and Techniques 1. Big Data Tools and Techniques helpsin providing insightsto the integrity of financial and business operations through transactional analysis. 2. Big Data provides more accurate auditing reports and better insights into the internal control framework. 3. Such tools and techniques helps organizations to improve the ability to access and manage business risk. Toll Free : +1-877-284-1028 sales@algoworks.com

  32. Fraud and Predictive Analysis 7/7 Things To Ponder Many organizations are using whistleblower hotlines which people are using as common mean to report suspected fraudulent behavior but these alone are not enough to get rid of fraudulent activities Why not be more aggressive, be proactive? Why not seek out indicators of fraud in the data? Toll Free : +1-877-284-1028 sales@algoworks.com

  33. Big Data Analytics Providers Toll Free : +1-877-284-1028 sales@algoworks.com

  34. Big Data Analytics Solution Providers 1/2 Some of the popular Big data Analytics Solution Providers are: 1. IBM, 2. KXEN, 3. SAS, 4. Rapid Insight, 5. Think Analytics 6. Siemens 7. Many More.. Toll Free : +1-877-284-1028 sales@algoworks.com

  35. Big Data Analytics Solution Providers 2/2 Solution Selection Criteria 1. Data integration using automatic machines. 2. Easy tools required for analytics. 3. No special expertise required for using tools. 4. Ease of data integration. 5. Satisfactory performance by the machines. 6. Scales to accommodate future growth. Toll Free : +1-877-284-1028 sales@algoworks.com

  36. & Inferences Toll Free : +1-877-284-1028 sales@algoworks.com

  37. Reaching To Conclusions & Drawing Inferences HCFAC Initiative Stresses On Health Care Fraud and Abuse Control, explains that fighting fraud should be a planned multi-faceted initiative. 1. Processes to develop risk assessment 2. Program vulnerabilities should be identified 3. Fraud audits should be conducted. Toll Free : +1-877-284-1028 sales@algoworks.com

  38. Reaching To Conclusions & Drawing Inferences HCFAC Initiative Stresses On 4. Analysis must be conducted focusing on selected geographical areas. 5. Spreading awareness to users to protect themselves from thefts. 6. Working with law enforcement groups to make some standardized rules to protect users. 7. Using innovative techniques to identify any potential threats. Toll Free : +1-877-284-1028 sales@algoworks.com

  39. Final Verdict It is quite difficult for organizations to stay prepared for all kind of potential frauds therefore rapid changes in the IT sector calls for new and enhanced methods to fight fraud. Toll Free : +1-877-284-1028 sales@algoworks.com

  40. Final Verdict These organizations are well prepared for frauds which occur quite frequently, there are still certain chances of those under-prepared frauds which do not occur frequently such as P H I S H I NG, S M I S H I NG, VI S H I NG, P H ARM I NG E T C. Toll Free : +1-877-284-1028 sales@algoworks.com

  41. Author Director Co-Founder & Director, Business Management Ajeet is responsible for driving sales, forging strategic partnerships and managing key Client relationships in the United States and Canada. Ajeet Singh Write to me at ajeet@algoworks.com sales@algoworks.com Toll Free : +1-877-284-1028

  42. Choose Algoworks - Big Data Analytics Partner Call us at: +1-877-284-1028 Mail us at: sales@algoworks.com, support@algoworks.com Official Blog Link – http://www.algoworks.com/blog/fighting-frauds-using-big-data Toll Free : +1-877-284-1028 sales@algoworks.com

  43. Choose Algoworks - Big Data Analytics Partner Call us at: +1-877-284-1028 Mail us at: sales@algoworks.com, support@algoworks.com Official Blog Link – http://www.algoworks.com/blog/fighting-frauds-using-big-data Algoworks Toll Free : +1-877-284-1028 sales@algoworks.com

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