The Fraud Defense Network from LexisNexis® Risk Solutions utilizes HPCC Systems to solve the fraud problem affecting nearly every industry sector.
New research has uncovered that a large majority of fraud cases involve schemes that touch multiple industries. Despite fraud’s far-reaching, cross-industry impact, most fraud prevention programs have been relegated to agency or industry specific practices, whose narrow focus fails to take into account the cross-industry nature of fraud. By taking a limited view, fraud mitigation professionals may be missing critical data points that may unveil important connections to other individuals, organizations or industries, or that help verify identities.
Other data analytics providers tried to create a broader, cross-industry database for fraud mitigation, what was missing was the essential piece for revealing patterns that would not be evident in one industry or one industry’s data alone. Although sharing data seems simple, execution is easier said than done as there are several barriers to implementation.
For more than 25 years, LexisNexis Risk Solutions has been creating contributory databases and building a technology infrastructure ideally suited for managing these databases, to play an important role in helping organizations fast-track transactions and prioritize where to allocate resources for fraud prevention, waste, and abuse. The Contributory Risk Repository (CoRR) is a cross-industry database that houses information about fraudulent and suspicious events from organizations in finance, retail, insurance, health care, law enforcement, and government. After data is collected through the Contributory Risk Repository, LexisNexis applies advanced analytics to identify meaningful connections that can not only spot past fraudulent behavior, but also help flag potentially suspicious future transactions.
HPCC Systems provided the platform that could accommodate on-demand transactions, enable normalization, and the ability to quickly link together vast amounts of data from a variety of sources and industries. Perhaps the most powerful tool it offered in the development of the Contributory Risk Repository was the linking capabilities. HPCC Systems was able to assist with the aspect of linking that relates to cross-industry fraud and the ability to detect relationships between entities and activities. HPCC Systems demonstrated it could process, analyze, and find links and associations in large volumes of complex data significantly faster and more accurately than other competitive platform.
Ability to process, analyze, and find links and associations in large volumes of complex data significantly faster and more accurately than other competitive platforms.Efficient Programming
ECL is designed specifically for processing big data and can accomplish tasks with far less code than competitive platforms. In addition, Graphical IDE for ECL simplifies development, testing and debugging.Scalability
Massively scalable data platform supports rapid development from a growing set of real time data sources.Streamlined Platform
Less resources are required to operate the platform and it eliminates expensive legacy technology, lowering the total cost of ownership of big data solutions.Powerful and Easy to Use
Fast, easy-to-use, and free support is offered via detailed documentation, video tutorials, forums, and direct contact.
LexisNexis® Risk Solutions released its 2020 True Cost of Fraud™ Study: Financial Services & Lending for the United States and Canadian financial services and lending sectors. The research provides a snapshot of pre and post-COVID-19 lockdown fraud trends and spotlights key pain points for these industries.