Fraud

In the UK alone, fraud is costing businesses in excess of £20bn per annum due to stolen assets, lost revenues and the cost of legal action and investigation. According to the Centre for Counter Fraud Studies, between 3% and 9% of revenue is being lost by businesses, with an average of around 4.5%. Fraud can occur in all aspects of your business, from external suppliers, permanent staff, contract staff and customers. It is rare to spot fraud from an individual transaction, it only becomes apparent by analysing information across a number of transactions from different times and places across a number of different data sources.

Performing this type of analysis is extremely difficult especially as fraudsters go to great lengths to disguise their activity and operational systems are simply not capable of this type of cross-system analysis. Fraud is being dealt with only after the event. Businesses need to take a pro-active approach by interrogating their enterprise data to uncover fraudulent activity and enable appropriate action to be taken to reduce the impact to the bottom line.

Interrogate your data to quickly discover fraud

X88 Pandora allows business to bring together critical disparate data sources and perform cross-system analysis interactively to discover and correlate patterns of behaviour, inconsistencies and other tell-tale signs of fraud hidden in data. It does not matter where the data is from, what format it is in or whether there are specific relationships between data sources. X88 Pandora allows context-free cross-system fuzzy searching, matching and interrogation of data with simple point and click, regardless of data volumes and with no technical skills required.

For example, cross-analysing a sales database with an employee database can highlight fraudulent transactions where the delivery address happens to be that of the employee. This would not be apparent by simply looking at the sales database on its own.

In-exact matching and analysis of this kind previously required pre-defining search criteria and standardisation of data, not to mention being limited to only answering questions supported by that search criteria. The unique X88 data structure allows this kind of analysis out-of-the-box with no standardisation or special search structures, and no limits to the kind of questions that can asked or answered.