IBM Launches Counter Fraud Effort With New Software, Services
IBM's new Smarter Counter Fraud initiative leverages big data and analytics to prevent and combat costly cyber-fraud.NEW YORK--IBM launched new software and services to help organizations use Big Data and Analytics to address the $3.5 trillion lost each year to fraud and financial crimes. 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.