Fraud Analytics – Preventing Million Dollar Damages to Revenues and Reputation
The act of fraud by itself is a billion-dollar industry affecting a vast majority of the organizations. In the past, organizations were helpless and often resorted to reactive measures to tackle fraudulent activities. The advancement in the field of data science has boosted an organization’s capability to detect fraud before it takes place and helps […]READ MORE >>
The act of fraud by itself is a billion-dollar industry affecting a vast majority of the organizations. In the past, organizations were helpless and often resorted to reactive measures to tackle fraudulent activities. The advancement in the field of data science has boosted an organization’s capability to detect fraud before it takes place and helps take corrective actions to minimize losses. Fraud analytics can help detect fraud and prevent damages by storing relevant data and mining it for pattern identification, anomalies, and discrepancies.
Conduct Fraud Risk Assessment
A majority of the fraud cases completely escapes the sight of the company and goes unnoticed. Fraud analytics tools rely on past instances of fraud to identify patterns and alert users of such cases in the future. The solution is to develop a thorough and comprehensive fraud risk assessment at the front-end, which can differentiate between improper payments and fraud.
Fraud analytics is a boon for companies looking to minimize their losses due to its ability to find transactions that are abnormal. For instance, the use of credit cards outside the individual’s occupancy, vendor entry with no telephone number, or insurance claims made shortly after purchasing a policy are possible red flags for fraud detection. Analyzing such activities will enable the concerned authority to prevent fraudulent activities.
Establish Hiring Procedure and Train Employees
Analytics can assist the company in hiring individuals with the right skills to help them fight against fraudulent activities. Companies who pioneer in data science are already using predictive analytics to find the right candidate by analyzing a candidate’s background, work experience, past performance, and skill sets. Additionally, they also train their employees to follow established procedures and report suspicious behavior.
Fraud analytics is an extremely valuable tool in tackling fraudulent activities to minimize losses and improve an organization’s service and operations. However, it is essential to fine-tune the balance between fraud detection and false positives. Data analysts at Quantzig can help your organization effectively implement fraud analytics to curb instances of fraudulent activities.
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Today, managers have access to a large stream of data, and decision-making on the basis of gut-feeling, the rule of thumb, and guesswork are largely eliminated with the advent of data analytics.
“Without data analytics, companies are blind and deaf, wandering out onto the web like a deer on a freeway,” said a leading data analytics expert from Quantzig.
For more than 14 years, we have assisted our clients across the globe with end-to-end data management and analytics services to leverage their data for prudent decision-making. Our firm has worked with 120+ clients, including 55+ Fortune 500 companies. At Quantzig, we firmly believe that the capabilities to harness maximum insights from the influx of continuous information around us is what will drive any organization’s competitive readiness and success. Our objective is to bring together the best combination of analysts and consultants to complement our clients with a shared need to discover and build those capabilities and drive continuous business excellence.
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