1. No category

Fraud Detection using Predictive Analytics
Fraud Challenges
It’s no secret that fraud schemes continue to evolve almost daily in
their sophistication and complexity. And while organizations are
under great competitive pressure to make financial payments as
quickly and easily as possible, often this forces them to use a payand-chase strategy to deal with fraud. Couple this with fraud
investigation units that are understaffed and overburdened, and it’s
no wonder industries in the US alone are losing nearly $1 trillion
annually due to fraud.
Fraud Solutions
Wouldn’t it be nice if you could somehow identify fraudulent transactions at their inception so they can be
avoided? Using IBM’s Predictive Analytics technology, organizations now have a way to do just that.
Predictive Analytics for Fraud leverages the power of predictive modeling to identify fraudulent transactions
as they’re being processed! This approach offers numerous advantages:
Ø  Provides pre-payment fraud detection with an adaptive system that learns from
the most recent data.
Ø  Automatically detects suspicious transactions using predictive models.
Ø  Recommends the best method of interaction for each transaction.
Ø  Dramatically reduces fraud and abuse costs.
Ø  Pays valid and non-risky transactions faster and with greater certainty.
Ø  Allows more efficient use of investigative resources, thus reducing costs and
increasing the rate of return.
Ø  Helps reduce expensive recovery actions.
Ø  Provides evidence-based identification of target cases for investigation.
Predictive Analytics for Fraud allows you to imbed advanced
fraud detection models directly into your database applications. By
introducing predictive analytics capabilities into your transactional
systems, a higher percentage of fraudulent transactions can be
detected at the time they are being processed and before payment.
The result is a significant reduction in costs associated with fraud both
within the organization and to the customer.
Need More Info?
At Elite Analytics, we specialize in developing and implementing predictive analytics solutions using IBM
Technologies. Please Contact Us to learn more . . .
phone +1 970 219-9189
email Greg@EliteAnalytics.com
White Papers: Real-Time Fraud Detection Analytics on IBM System z
Integrating Predictive Analytics Into Your DB2 Applications
Videos:
Running the SPSS Fraud Detection Model