NEW YORK, N.Y. - 20 Mar 2014: IBM (NYSE: IBM) today introduced new software and services to help organizations use Big Data and Analytics to address the $3.5 trillion lost each year to fraud and financial crimes. Through sophisticated business expertise and analytics, organizations can take a holistic approach to address the financial losses caused by fraud while protecting the value of their brands.
As part of today's news, IBM launched its Smarter counter fraud initiative, drawing on the expertise and innovation from more than 500 fraud consulting experts, 290 fraud-related research patents and $24 billion invested in IBM's Big Data and Analytics software and services capabilities since 2005. The initiative extends IBM's leadership in Big Data and Analytics andCloud to help public and private organizations prevent, identify and investigate fraudulent activities.
Today's announcement comes at a time when a new generation of criminals are using digital channels such as mobile devices, social networks and cloud platforms to probe for weaknesses and vulnerabilities. The pace of this threat continues to accelerate identity fraud impacted more than 12 million individuals in 2012, resulting in theft of nearly $21 billion, and each day the U.S. healthcare industry loses $650 million due to fraudulent claims and payments.
To address these complexities, IBM is delivering new software that allows organizations to gain better visibility and take a more proactive, holistic approach to countering fraud. This includes the ability to aggregate Big Data across a variety of internal and external sources including mobile, social and online and apply sophisticated analytics that continuously monitor for fraudulent indicators. The new offerings feature advanced analytics that understand non-obvious relationships and co-occurences between entities, new enhanced visualization technologies that can identify and connect fraudulent patterns closer to point of operation, and machine learning to help prevent future occurrence based on previous attacks and behaviors.
Leading analysts estimate that market demand for fraud and risk solutions is quickly accelerating. According to Gartner*, 25 percent of large global companies will have adopted big data analytics for at least one security or fraud detection use case, up from eight percent today, and will achieve a positive return on investment within the first six months of implementation by 2016. IDC estimates that the market for Financial Crime solutions alone will be nearly $4.7 billion in 2014, with a 5.5 percent CAGR over the 2014-2017 forecast period**.
With today's news, IBM is applying many of the same tactics, techniques and procedures used by the intelligence and law enforcement communities to help commercial organizations take a holistic view of this growing and pervasive threat, said Robert Griffin, Vice President, IBM Counter Fraud Solutions. These technologies allow line of business leaders to quickly adapt to emerging threats across the entire organization. Our new initiative puts Big Data and Analytics into the hands of those tasked with defending their organizations from financial losses, protecting the brand and delivering exceptional customer service.
IBM is unique in its ability to combine market-leading software, services and research capabilities to address the full spectrum of fraud and financial crimes from tax evasion, money laundering and cyber-attacks to threats from inside the organization. For example, the new offerings can detect cross-channel mobile fraud and prevent cybercrime enablers like phishing scams. They can enable an insurance company to review thousands of claims in real-time to flag potentially fraudulent activity while processing legitimate claims faster, or help a global bank more accurately detect and investigate money laundering activities to meet regulatory compliance.
IBMs new counter fraud portfolio builds on the company's unmatched R&D investments, and recent acquisitions of Cognos, i2, SPSS, Q1 Labs, Trusteer and SoftLayer. The new software and services include:
Counter Fraud Management Software: A single offering that brings together IBM's Big Data and Analytics capabilities to help organizations aggregate data from external and internal sources and apply sophisticated analytics to prevent, identify and investigate suspicious activity. It includes analytics that understand non-obvious relationships between entities, visualization technology that identifies larger patterns of fraud, and machine learning to help prevent future occurrence based on previous attacks. To enhance these capabilities as new threats emerge, IBM also launched a new counter fraud intelligence task force IBM Red Cell that will work in tandem with the IBM X-Force unit to continuously research trends, develop strategies, and deliver enhancements to the software and services R&D team.
Counter fraud service offerings: Industry-aligned services that combine IBM's consulting, software and technology expertise to help clients improve their counter fraud programs, including:
Outcome-based Accelerators: Evaluate an organization's counter fraud capabilities and provide rapid prototyping to demonstrate business value for enterprise-wide protection.
Target Operating Model: Design organizational constructs, operational governance and technology architecture to better detect to fraud, and respond and investigate exposures.
Scale and Manage: Fast implementation of strategies and technological dimensions to customize and run counter fraud programs tailored for each client.
Fraud discovery assets: A portfolio of customizable, research-developed assets that use analytics to discover fraud, waste, abuse and errors in data intensive industries and functions. These assets analyze
Most recent headlines
04/08/2024
Dalet, a leading technology and service provider for media-rich organizations, is excited to announce Santiago Solanas as its new Chief Executive Officer (CEO)....
03/06/2024
Dalet, a leading technology and service provider for media-rich organizations, a...
07/05/2024
Syncbak, a 15 year-old provider of streaming tech for local broadcast stations has rebranded itself, adopting the name of its streaming service launched in Febr...
07/05/2024
POST Luxembourgs journey with TAG Video underscores how finding a vendor who und...
07/05/2024
PORTSMOUTH, N.H. New findings from Hub Entertainment Research provides extensive data showing that the majority of consumers will opt for lower cost ad-supporte...
07/05/2024
NEW YORK The Library of American Broadcasting Foundation (LABF) has announced th...
07/05/2024
CBS News has named Lindsey Reiser an anchor and correspondent for CBS News 24/7, the network's live, streaming news service. Reiser, who was most recently a...
07/05/2024
NEEDHAM, Mass. After more than two years of decline, worldwide tablet shipments posted modest year-over-year growth of 0.5% in the first quarter of 2024 (1Q24),...
07/05/2024
ESPN is reporting that April was a record-setting month as the network delivered its best April prime time audience on record, dating back more than 30 years....
07/05/2024
WASHINGTON, D.C. The National Association of Broadcasters (NAB) has announced that Kirsten Donaldson has joined NAB as vice president of public policy. Donaldso...
07/05/2024
The Bulls are back home again this week from May 7-12! Don't miss out on any...
07/05/2024
Skeem Saam: Monday's episode, 6 May 2024 [video]Missed an episode of Skeem Saam? No problem! Watch the latest episode of your favourite South African soapie...
06/05/2024
By Ilyse McKimmie
Now, more than ever
That's a phrase so often used in the last few years that I've come to dread seeing it in notes like this one. A...
06/05/2024
alt= class=wp-image-12099 data-lazy-src=/wp-content/uploads/2024/05/Blog-Exabyte-Storage-Demand-960x540-1.jpg/> Demand for storage solutions has reached unprece...
06/05/2024
Around the world, Asian and Pacific Islander (API) artists continue to impact mu...
06/05/2024
Spotify is making it easier for booklovers to count down the days, hours, minutes, and seconds until a new audiobook releases. With Countdown Pages for audioboo...
06/05/2024
Get Ready to join Dan Hong as he hits the streets in his ultimate culinary journ...
06/05/2024
In this video, cinematographer Simon Rowling welcomes viewers behind the scenes as he lights a daytime-interior scene inside a coffee shop. Shooting on Panavisi...
06/05/2024
L3Harris is well positioned to support the complex and multifaceted nature of special operations forces in all domains through our agile and responsive technolo...
06/05/2024
OAKVILLE, Ontario As part of Emergency Preparedness Week, Alert Ready, Canadas national public alerting system, will be distributing a test alert to Canadians i...
06/05/2024
NEW ROCHELLE, N.Y. Horowitz Research has released a new study on the viewing and media habits of U.S. Hispanic/Latine audiences that shows a dramatic decline in...
06/05/2024
RE:Vision Effects Autograph 2024.4 released! 50% Off Through May 9th
Brie Clayton May 6, 2024
0 Comments
New game-changing motion graphics & VFX featu...
06/05/2024
NBC has renewed Night Court for a third season. The courtroom comedy was on the network from 1984 to 1992, and NBC rebooted it in early 2023....
06/05/2024
ABC has revealed its summer schedule. The Bachelorette gets going Monday, July 8, with Jenn Tran the star in season 21. Celebrity Family Feud starts up Tuesday,...
06/05/2024
It's almost go-time for the Holly Springs Salamanders! The season opener is ...
06/05/2024
Tonight on Scandal: Deception is rife as a man places his trust in the unfaithfu...
06/05/2024
Rap beef between Drake and Kendrick Lamar turns NASTYA long-simmering feud between rap titans Drake and Kendrick Lamar has exploded into allegations of pedophil...
06/05/2024
The Amazonas Digital initiative will see INRED leverage SES's MEO satellites...
06/05/2024
Tonight on Skeem Saam: Kobus busts Pretty in a compromising positionDon't miss Monday, 6 May's riveting episode of South African soapie Skeem Saam on SA...
06/05/2024
Tonight on House of Zwide: Bra Zakes and Sphamandla agree to leave Tembisa and n...
06/05/2024
RT has announced details of its coverage across digital, TV and Radio in the ru...
06/05/2024
For years, radio stations have used on-premises servers to broadcast content and manage automation, traffic, and billing systems. As technology continues to adv...
06/05/2024
06 May 2024
AI and Big Data Take the Centre Stage in Central Asia at Beetech 20...
06/05/2024
FIRST LOOK AT JIM PARSONS & MAYIM BIALIK REPRISING THEIR ROLES FROM THE BIG BAN...
06/05/2024
NBC Sports and Churchill Downs Extend Historic Partnership, Kentucky Derby to Be...
06/05/2024
Beverly Hills Aerials, LIV Golf Make Australian-Broadcast History by Flying Live...
06/05/2024
Back to All News
Watch the Trailer for A Part of You - Felicia Maxime, Edvin Ry...
06/05/2024
Leadership in 12G-SDI for low impact migration to 4k production...
06/05/2024
Press release - 6 May 2024 07:31
STATEMENT CONCERNING EUTELSAT GROUP'S GROUND NETWORK Facebook
LinkedIn
Twitter
Download as PDF
Paris, 06 May 2024 ...
06/05/2024
Tyngsboro, Mass. - May 6, 2024 - Join us at InfoComm 2024 to experience the latest advancements in live production technology. From June 12-14, 2024, at the Las...
06/05/2024
To champion global movements to protect and advance equality for LGBTQ+ communities, Apple is introducing a new Apple Watch Pride Edition Braided Solo Loop, ava...
06/05/2024
Actress Matseliso Mohale has joined Muvhango'Talented actress Matseliso Mohale has joined SABC2's soapie Muvhango' as Vhangani's lover and a c...
06/05/2024
Tonight on Smoke and Mirrors: Leroy refuses to give up fighting to bury MthethoDon't miss Monday, 6 May's riveting episode of South African soapie Smoke...
06/05/2024
Intrinsic, a software and AI robotics company at Alphabet, has integrated NVIDIA AI and Isaac platform technologies to advance the complex field of autonomous r...
06/05/2024
Cybersecurity experts at the RSA Conference this week will be on the hunt for ways to secure their operations in the era of generative AI.
They'll find man...
06/05/2024
1) What is the rationale of the transaction? What is the benefit for SES shareholders?
This combination creates a stronger and more competitive multi-orbit ope...
05/05/2024
A special evening performance by multiplatinum singer Becky G will provide a memorable conclusion to TeievisaUnivision's Casa Cultura upfront event on May 1...
05/05/2024
Giant media buyer Publicis is telling network sales executives that it does not think Nielsen's new panel-plus-big-data currency is ready for this upfront....
05/05/2024
WASHINGTON Glenn Kirschner, legal analyst at NBC News, blasted the media for referring to the New York trial of former President Donald Trump as a hush-money ...
NEW YORK, N.Y. - 20 Mar 2014: IBM (NYSE: IBM) today introduced new software and services to help organizations use Big Data and Analytics to address the $3.5 trillion lost each year to fraud and financial crimes. Through sophisticated business expertise and analytics, organizations can take a holistic approach to address the financial losses caused by fraud while protecting the value of their brands. 
