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News

Low Cost Fraud Detection Through Effective Planning

BAE Systems Applied Intelligence : 12 January, 2012  (Technical Article)
BAE Systems Detica comments on rising fraud levels in the UK and provides the means to deal with it effectively
Low Cost Fraud Detection Through Effective Planning
Following the news in an independent report that found that fraud levels in the UK rose by 50% and broke the £2bn barrier in 2011, Imam Hoque, Managing Director financial crime detection experts Detica NetReveal, comments that fraud is fast becoming the weapon of choice in organised crime. Hoque explains that businesses can deal with the growing threat through careful planning and small expenditure, and argues that automating fraud detection can safeguard revenues and jobs.

Imam Hoque, Managing Director financial crime detection experts Detica NetReveal said: “Fraud is becoming the crime of choice for many organised criminals. It can be conducted from outside the country making prosecution very difficult, it has lower risks than crimes such as drug traffiking, and it avoids some of the challenges of laundering large amounts of cash.

“Traditionally, financial services firms have been the obvious target, however fraud is like a waterbed – when you push down on one corner and suppress it, for example in financial services, it pops up elsewhere. This may be in the form of tax fraud, telecoms fraud or retail fraud, amongst others.

“We are seeing significant interest in tackling fraud in these other sectors globally and today there are sophisticated solutions available to prevent and detect fraud – such as advanced network analytics designed to identify suspicious behaviour and evidence of organised criminality. One of the key reasons for this demand is that, with relatively small expenditure, firms can cut down the amount of money lost through fraud helping to safeguard jobs and revenues through these tough economic times.”
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