Today, fraud losses and fraud costs are at an all-time high — just when economic conditions have put organisations under tremendous pressure to improve the bottom line.
According to a report by the Association of Certified Fraud Examiners, the typical organisation loses an estimated five per cent of annual revenues to fraud. Applied to the estimated 2011 Gross World Product, this translates to a potential global fraud loss of over $3.5 trillion.
Fraud is often difficult to identify because it is perpetrated across multiple systems and processes. As a result of the ad hoc nature of fraudulent activities, investigations can be difficult and expensive to coordinate and prioritise. In addition, investigative teams often lack visibility across cases and information sources that could help them gain additional insight or evidence.
The deluge of available data — including unstructured content such as email, handwritten notes and social media traffic — adds to the challenge. Analyst teams frequently do not have enough time to sift through the mountains of information to discover patterns that may lead to investigative breakthroughs.
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