In this series, we’ve shown that fraud is extremely expensive and can damage a company’s reputation. Preventative measures, such as employee training and email filtering can help reduce insider threats, but still leaves threats from the outside unhindered. Thus, companies need a way to actively monitor, adapt to and predict fraud while it happens, all in a feasible manner. Easy to use fraud detection software solutions, such as the Expero Connected Toolkit, reduce the overhead required to track and predict fraud and provide a variety of tools for many user personas.
As we’ve discussed, graph technology is a powerful tool that enables users to intuitively visualize a variety of situations. However, when graph technology is paired with machine learning, the underlying system is then able to detect and adapt to changes in fraud. The Expero Connected Toolkit provides an intuitive interface by which users can easily translate the patterns of fraud that they see into the system, improving and speeding up learning.
Many people are now well aware data breaches in one company’s database can in turn affect thousands of people and businesses. Data breaches can’t be prevented entirely, especially when they don’t even occur in your own system. That is why it is necessary to employ a system to help react to, alert, predict, and adapt to future occurrences. In an environment where large amounts of money are being transferred, you need a system that can quickly sift through large data and make accurate predictions to help you avoid significant losses due to fraud. You likely won’t prevent all occurrences of fraud, but stopping even a modest amount can save companies a lot of money. Furthermore, your fraud detection system needs to scale, growing with the data while still being an effective tool for finding the most important threats in your ecosystem.
By reducing overhead cost to track and maintain fraud, and by alerting to or predicting fraud before or while it happens, in situations where fraud is very prevalent, users should see a large return on investment. By catching a money laundering scheme in its tracks, for example, groups of transactions can be blocked before ever going through, preventing the loss of millions to tens of millions of dollars. We estimate with the Expero Connected Toolkit, your system will be 20-60% more accurate and result in 30-80% lower false positives. Why such a wide range? Not all will employ a fraud detection system as the focal point of their security system. Companies embrace ML to different degrees and therefore, results will vary.
We’ve come to the conclusion of our series and hope you’ve enjoyed it. If you’d like to learn more about the Expero Connected Toolkit, please contact: firstname.lastname@example.org