Today’s guest post is courtesy of Jonathan Muise, US Counter Fraud Sales, Enterprise Content Management, IBM
The increased media scrutiny of recent attacks—as well as the magnitude of damage—is making fraud and financial crimes a top priority across multiple industries. Consider this: Fraud costs an estimated $3.5 trillion dollars (US) around the world. No company or agency is immune from threat. Fraud schemes are complex, span across all lines types of business and have enormous effects to the brand and bottom line.
Here are just a few examples of fraud across multiple industries:
- Insurance: Everything from slightly exaggerating claims to deliberately causing accidents or damage to vehicles or property.
- Health care: Kickbacks to medical professionals, billing for services or equipment not rendered or up-coding (billing for more expensive services or items than those provided).
- Retail: Shrinkage throughout the supply chain as well as employee theft and shoplifting at the point of sale.
- Telecommunications: Fraudulent credit card billing, identity theft, using a subscription for something other than what it was intended, or signing up for service using false or stolen identification.
- Energy and Utilities: Energy stealing, meter hacking, imposters asking for payment, and identity theft.
- Financial services: Broker fraud, as well as credit card and checking “bust out” schemes where fraudulent merchants rack up transactions, steal money, and then shut down.
Consumers are concerned about their privacy and security—and with good reason. Many businesses continue to wrestle with financial losses as well as lasting brand damage.
What are you doing to prevent fraud? and check out the counter-fraud breakout to learn about the innovative capabilities that can help you combat fraud across your organization. You’ll learn how to detect fraud within a business process, uncover fraudulent activity hidden in massive amounts of data, new ways to turn intelligence into action using investigative analysis, and best practices for applying fraud insights and taking action in real time—when it matters most.