Joining the dots between counter fraud intelligence

Apr 24, 2023
Following our Counter Fraud webinar, we reflect on key talking points. In this blog, we explore why connecting the dots between intelligence is key to tackling fraud upstream.

The world of fraud is constantly evolving, and counter fraud teams must adapt and adopt new technologies to keep pace.  

The task of detecting and preventing fraud has become increasingly difficult in recent years, with the rise of sophisticated fraud schemes, an explosion of data, and the increased use of technology by criminals. As a borderless crime perpetrated globally, meanwhile, tackling the problem in isolation is all but impossible. 

“I think we’re missing a trick with linking that intelligence,” saidNichola Megjji, Detective Inspector, Economic Crime Unit for the City of London Police in our Combatting Fraud webinar.  

You can rewatch the webinar here.   

To address these challenges, counter fraud teams must leverage technology to connect the dots between vast amounts of data and intelligence, said panellists.  

Overwhelmed by data   

According to our Counter Fraud survey, 80% of government and public sector fraud teams are overwhelmed by data. It was evident from our webinar that a year on from that report, very little has changed.   

Counter fraud teams are inundated with reports from various sources such as Action Fraud and other public and private sector suspicious data sources. It can be difficult – if not impossible – for human analysts to effectively sift through all this data and identify patterns and connections that could indicate fraudulent activity.  

This is where technology comes in. Entity-centric technology like Clue helps counter fraud teams combine multiple data sources into one system via secure API to detect links between Golden Nominal intelligence.   

By bringing data together better across the system and identifying key targets of high-harm fraudsters, counter fraud teams can proactively pursue criminals instead of waiting for victims to report fraud. Valuable intelligence and insights can be packaged and shared with other organisation and partners overseas, supporting more strategic and impactful collaboration. Focused on early detection and early response, this approach can help to disrupt complex fraud operations at the source.

Counter fraud technology  

Using technology to detect fraud is not a new concept, but the evolution of technology has opened new opportunities for counter fraud teams. Machine learning and artificial intelligence, for example, can be used to analyse vast amounts of data and detect patterns that may indicate fraudulent activity. Predictive analytics can be used to identify emerging threats and potential vulnerabilities that fraudsters could exploit.  

One of the biggest challenges for counter fraud teams is keeping up with the ever-evolving tactics used by fraudsters. Criminals are constantly adapting their tactics to exploit vulnerabilities in systems and processes. This means that counter fraud teams must be constantly vigilant and adaptable.   

Technology can support these efforts by providing real-time monitoring and alerting capabilities that can quickly detect and respond to potential fraud.   

Of course, while technology can provide valuable insights and automate certain processes, the human element remains necessary to interpret data, identify anomalies, and make informed, expert decisions.  

Focused on detection and prevention, Clue helps law enforcement agencies, corporations and public sector organisations manage intelligence and investigations into threats including fraud, money laundering and corruption, and bribery.Learn more.   

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