At an event to introduce its new Smarter Counter Fraud initiative here, IBM said through sophisticated business expertise and analytics, organizations can take a holistic approach to address the financial losses caused by fraud while protecting the value of their brand.
IBM is drawing on the expertise and innovation from more than 500 fraud consulting experts, 290 fraud-related research patents and $24 billion invested in IBM’s Big Data and Analytics software and services capabilities since 2005. The initiative extends IBM's expertise in big data, analytics and cloud to help public and private organizations prevent, identify and investigate fraudulent activities.
“What we’re doing is bringing together big data and analytics and bringing that technology to bear with our clients to help them be more effective at preventing and fighting fraud,” Robert Griffin, vice president of IBM Counter Fraud Solutions, told eWEEK. “This is a new capability taking the best-of-breed technology that IBM has to offer in this area–both from acquisitions and organically developed–and providing a holistic, end-to-end approach that will cover the entire enterprise."
IBM's new counter fraud portfolio builds on the company's R&D investments as well as recent acquisitions of Cognos, i2, SPSS, Q1 Labs, Trusteer and SoftLayer. Griffin was CEO of i2 when IBM acquired the company in 2011.
IBM’s counter fraud news comes at a time when a new generation of criminals is using digital channels–such as mobile devices, social networks and cloud platforms–to probe for weaknesses and vulnerabilities. The pace of this threat continues to accelerate--every second 12 new consumers fall victim to cyber-crimes, and each day the U.S. health-care industry alone loses $650 million due to fraudulent claims and payments.
To address these complexities, IBM is delivering new software that allows organizations to gain better visibility and take a more proactive, holistic approach to countering fraud. This includes the ability to aggregate big data across a variety of internal and external sources--including mobile, social and online--and apply sophisticated analytics that continuously monitor for fraudulent indicators. The new offerings feature advanced analytics that understand non-obvious relationships and co-occurrences between entities, new enhanced visualization technologies that can identify and connect fraudulent patterns closer to point of operation, and machine learning to help prevent future occurrence based on previous attacks and behaviors.
Craig Hayman, general manager of IBM Industry Cloud Solutions, said IBM has found the recipe for keeping customers in and fraudsters out. “We need to not change with the times but change with the crimes,” he said.