IBM launches Big Data anti-fraud service

New York – IBM Inc. has introduced new software and services to help organizations use Big Data and Analytics to address fraud and financial crimes. IBM launched its “Smarter counter fraud” initiative, drawing on the expertise and innovation from more than 500 fraud consulting experts, 290 fraud-related research patents and IBM’s Big Data and analytics software and services capabilities.

The initiative is designed to help public and private organizations prevent, identify and investigate fraudulent activities. 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.

“With today’s news, IBM is applying many of the same tactics, techniques and procedures used by the intelligence and law enforcement communities to help commercial organizations take a holistic view of this growing and pervasive threat,” said Robert Griffin, VP, IBM Counter Fraud Solutions. “These technologies allow line of business leaders to quickly adapt to emerging threats across the entire organization.  Our new initiative puts Big Data and Analytics into the hands of those tasked with defending their organizations from financial losses, protecting the brand and delivering exceptional customer service.”

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