Monthly Archives

September 2020

#8 We’re all Fraud Data Scientists & Detectives!

By JourneyNo Comments

It’s everyone´s job to staying alert and curious, to spot and stop fraud before it spreads.  The digital traces of people trying to defraud us and our organisations often stare us in the face, and so spotting fraud can be easier than you realise.

So why wait for a whistleblower when we can “deal with the devil in the data”?

When we disregard fraudulent mails which want us do something foolish, when we home in on strange entries on a bank or credit card statement, or just spot something which gives us “a bad feeling” in the money flows of an organisation, we are essentially engaging in fraud data-science.  Add some PreCrime algorithms, a bit of augmented realty and a pinch of machine intelligence and we enter a new age of Fraud Detection. At last we can move on from just waiting for a whistleblower to turn up, or worse still, looking for someone to blame for not finding fraud before it found us.

Why believe us? Because after 25 years of using analytics and algorithms to find fraud, our success rate started to dramatically increase when we realised three truths1. Everyone can be a Fraud Detective 2. Sharing the golden algorithms was key to our clients eradicating the cost and risk of fraud 3. Small data is beautiful to follow the money in finding fraud quickly!

So what sort of Fraud Detective and Data Scientist are you?

Watch this 5 minute taste of PreCrime set to Franz Schubert. How many frauds can you see lurking in the data?

Tell one of us!