Fraud Detection

In the UK, fraud costs businesses in excess of £20bn per annum due to stolen assets, lost revenues and the cost of legal action and investigation. Between 3% and 9% of revenue is being lost everyday by businesses, with an average of 4.5%.

Fraud can be committed by external suppliers, permanent staff, contract staff and customers. Evidence usually only becomes apparent by analysing information across a number of transactions from different times and places across a number of different data sources.

This type of analysis is extremely difficult especially as operational systems are simply not capable of this type of cross-system analysis. As a result, fraud can generally only be dealt with after the event.

A pro-active approach is needed by interrogating enterprise data to uncover fraudulent activity and enable appropriate action to be taken to reduce the impact to the bottom line.

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X88 Pandora allows business to:

• Bring together critical disparate data sources
• Perform cross-system analysis interactively
• Discover and correlate patterns of behaviour
• Discover inconsistencies and other tell-tale signs of fraud hidden in data

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It matters not 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 regardless of data volumes and with no technical skills required.

The unique point-and-click technology of X88 Pandora 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.