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IBM: Changing with the crimes

  • Created By  Samantha Klein
  • Updated 2014-04-03T15:38:10-04:00
  • Tags: social-business,  smarter-co​unter-frau​d,  summit,  theresa-payton,  fraud,  counter-fraud,  crime,  cyber-crime,  socbiz 

Samantha Klein, Marketing Manager, Social Business, IBM


To all readers of this post: My trip to Manila, Philippines with my family has been a mess. I need you to loan me some money. I'll refund it to you as soon as I arrive home.


That is the kind of fake e-mail thousands of people receive every year. It appears to come from a friend, but is actually from a con artist half a world away.


We live in a time when you can’t open a newspaper without seeing an article reporting another data breach. Your inbox is filled with requests for your personal information and alerts that you have just won the lottery in Peru. Perhaps most telling, the most nominated movie at the Academy Awards was American Hustle, based on characters engaged in art and insurance fraud.


In today’s hyper-competitive, hyper-connected marketplace, fraud has never been more prevalent than it is now – with an estimated $3.5 trillion lost due to global fraud each year – and it has never been more important for organizations to fight back for themselves and on behalf of every individual.


On March 20th, a standing room only crowd at IBM’s Counter Fraud Summit listened to experts from the fields of government, insurance, healthcare and banking talk about one thing: combating fraud. The overriding concept expressed by each expert to effectively thwart fraud was to “break down the silos.” Theresa Payton, Former White House CIO, explained that: “This is a team effort. You cannot delegate this to the Fraud Loss Prevention team.”


Simply put, companies that collaborate and share data, measures, goals and incentives will be the winners in the war against fraud. IBM is launching its “Smarter Counter Fraud” initiative aimed at assisting IBM’s partners and clients to institute new systems in order to accomplish this.  


Please visit IBM’s Smarter Counter Fraud website to learn more about this new IBM initiative.


Here’s hoping for a fraud-free future.


Comments (3)

Arvin Bhatnagar
1    Arvin Bhatnagar  | 2014-04-27T21:07:24-04:00   Likes 1

We are doing really great things in the space of Smarter Counter Fraud. I am simply excited for a lot more exposure so that we may penetrate across multiple industries on a global basis.

Daniel Davis
2    Daniel Davis  | 2014-04-07T12:17:26-04:00   Likes 1

This has me optimistic about the future of fraud fighting!

Rick Eagle
3    Rick Eagle  | 2014-04-04T17:06:23-04:00   Likes 1

Great post! I learned about the last two threats that directly affected me via social media.

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