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The fraud arms-race

Fraud represents an estimated £190 billion annual drain on the UK economy, and is a particular challenge in the financial services industry. For banks and insurers, investigating suspected fraud consumes hundreds of millions of pounds annually and increases costs for honest customers. What’s more, financial crimes not only leave businesses and consumers out of pocket, they also help fund other criminal activities including the narcotics trade, modern slavery and terrorism.

As well as detecting and preventing purely opportunist crimes, banks and insurers are in a costly technological arms-race with increasingly sophisticated professional criminals. Rules-based detection software can still provide some protection against opportunist frauds, where patterns of activity are relatively obvious. For more sophisticated crimes, where fraudsters use technology to cover their tracks, banks and insurers need correspondingly sophisticated tools to find elusive patterns faster in larger and more complex data sets.

Fixed tools no longer fit a dynamic world

Whether your business needs to protect against fraudulent insurance applications and claims, or to fight account takeover, money laundering and insider trading, the key challenge today is the sheer volume, velocity and variety of data that requires investigation.

As fraudsters become more skilled at evading detection, banks and insurers are recognising that relatively static rules-based systems for tackling fraud are no longer sufficient. Human ingenuity on the part of the criminals needs to be matched by human ingenuity on the part of the gatekeepers, but the unaided human mind is not up to the scale of the data challenge.

To help banks and insurers monitor, detect, investigate and mitigate sophisticated fraudulent activities, Northdoor offers advanced analytics solutions based on the IBM i2 portfolio. The IBM i2 solutions accelerate the investigation of large volumes of structured and unstructured data, augmenting human capabilities by highlighting the needles in the haystack.

Empower anti-fraud Solutions teams

With solutions based on IBM i2, designed, deployed and supported by Northdoor, your organisation can replace painstaking manual searches with highly automated multi-dimensional analysis, empowering anti-fraud solutions teams to visualise data based on social, geospatial and temporal connections between persons of interest.

By helping you see hidden patterns between disparate data from multiple source systems, IBM i2 technology can reveal fraudulent behaviour that would pass undetected by simpler rules-based systems. Instead of working with slow and unwieldy spreadsheets, your teams can analyse data almost in real time, gaining the ability to spot criminal transactions or events among enormous numbers of legitimate ones.

Information to Intelligence to Action

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Accelerate the data-to-decision process

IBM i2 technology has been used for more than 20 years by every UK police force, defence and security organisation, and by a further 4,000 customers worldwide, including government organisations in 24 of the 28 NATO countries.

With the ability to run complex queries across hundreds of terabytes of data to highlight and visualise connections and non-obvious relations, over multiple degrees of separation, IBM i2 solutions help uncover hidden relationships in massive data sets. This makes them perfectly suited to the challenges faced by banks and insurers today.

As deployed by Northdoor, the i2 portfolio gives organisations the power to automate and accelerate many critical activities throughout the full lifecycle of data analysis, from acquisition, discovery, collation and classification through to querying and reporting in legally admissible formats.

Using IBM i2 solutions from Northdoor, analysts can compose powerful queries using a drag-and-drop interface – enabling them to pose incisive questions without the need to learn complex computational languages. The net result is a shorter data-to-decision process, potentially slashing the time to complete in-depth fraud investigations and reducing reporting time from days to hours.

IBM i2 offerings from Northdoor

Consultancy and deployment

Take advantage of Northdoor’s expertise to design and deploy IBM i2 solutions that rapidly transform complex and disparate data into actionable intelligence. Start with IBM i2 iBase and IBM i2 Analyst’s Notebook, and expand to an organisation-wide solution with IBM i2 Enterprise Insight Analysis.

IBM i2 iBase

Deploy a collaborative environment for intelligence-led operations, with workflow-support features that enable teams of analysts to work together on complex investigations. Gather data into a single repository, discover hidden connections with visual analysis tools, and share knowledge with team-members.

IBM i2 Analyst’s Notebook

Gain advanced tools for multi-dimensional analysis, combining association, temporal and geospatial aspects for complete situational awareness and to help identify, predict, and frustrate fraudulent activity. Tightly integrated with IBM i2 iBase, the solution provides intuitive ways to create incisive queries, enabling analysts to get their heads round complex situations faster.

IBM i2 Enterprise Insight Analysis

Extend anti-fraud capabilities across large teams for real-time decision-making support on active investigations. Transform enormous data sets into actionable insight, accelerating and automating data acquisition and preparation so that analysts can focus their efforts on applying their human ingenuity to hard problems.

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Read our blog titled Fight fraud with advanced analytics solutions
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