Why fraud detection?
One of the biggest problems for governmental, financial, and insurance institutions is fraudulent claims and transactions. The challenge for banks is to detect fraud as fast as possible and then reduce its impact on the bank and the customer. In 2016 the banking industry in the US suffered $2.2 billion in fraud losses and this amount is rising every year.
According to the Coalition Against Insurance Fraud, fraud steals $80 billion a year across all lines of insurance and more than 60% of insurers say that fraud has increased in the last 3 years. According to FICO one out of three insurers don’t feel adequately protected against fraud.
By utilizing the power of smart algorithms your organization can be better prepared to handle such cases.