Tipping the triangle
Predictive analytics to mitigate empty envelope fraud
Fraud is driven by an intentional human element that continuously mutates and evolves, making it a crime that is notoriously difficult to contain. As a result, detecting and mitigating the impacts of fraud remain ongoing concerns for the financial services industry.
As the volume of data grows and the industry focuses more closely on detection, analytics has evolved to provide proactive, real-time insights into fraud behaviors and activities. The goal is to develop solutions that incorporate these predictive techniques along with the continuous monitoring of data collected at large financial institutions. By applying analytics to financial data within a proactive framework, fraud can be prevented, detected, and mitigated to better manage financial risk.
Deloitte’s advanced analytics team partnered with a large Canadian bank to exchange ideas, resources, and subject matter expertise. This paper, a collaborative product of that partnership, looks at the impacts of fraud, at challenges in the current fraud landscape and at the ways in which new analytics solutions are reducing risk and improving financial security.
Our business analytics specialists look inside data to help create and refine strategies for delivering insights that yield informed business decisions.
Enterprise Fraud and Misuse Management
EFM helps to screen transactional activity for evidence of fraud in real-time and diagnose external fraud rings that may threaten an organization.