Splunk Fraud detection and Splunk Fraud prevention is a big data challenge that organizations can use to implement process and actions based on fraudulent activity. As business moves online, the evidence of internal or external fraud often lie in the massive amounts of unstructured commonly log files, machine data, generated within business applications, IT infrastructure and security systems.
Fraud has become a global issue, impacting organizations of all sizes, across industries. Fraudsters are increasingly successful and sophisticated, especially as commerce and financial transactions move online, where it’s easier for fraudsters to evade detection, use stolen credit card information, impersonate individuals and take over online accounts.
Splunk Fraud detection solutions can combat different types of fraud across financial, banking, healthcare and other industries. The Splunk Fraud detection platform gives additional tools and features to assist with analytics, fraud detection, investigation and response.
Customize form based dashboards with drill-downs capabilities to provide analysts early access to targeted data for their investigative needs. The Splunk platform includes lookup tables and GUI (Graphical user interface) based editors to allow teams to easily manage and update lookup used to enrich data or to maintain whitelists and blacklists.
- Patterns of fraud are often found across different silos of both unstructured and structured machine data.
- Traditional anti fraud tools cannot scale, give a straight view that leaves gaps, struggle with flexibility around the machine data.
- Splunk Enterprise helps with many needs of the anti fraud teams from monitoring and fraud detection, investigations, analytics and reporting, to enhancing your existing fraud tools.
- Gain insight into behavioral and transaction red flags over disjointed data sources.
- Flexibility to index relevant machine data across each data sources to search and correlate, making it easier to identify fraudulent patterns, so an organization can alert and detect on fraud in real-time and act to prevent it before it impacts the bottom line of your organization
Summary dashboards provide high-level previews, trend analysis workflow and statistics based reports to get ahead of fraudsters. The Splunk platform can be configured to ingest unstructured, structured or proprietary data sources.
Unlock the Power of Machine Learning
As fraudsters continue to utilize and adapt new methods, it is important to leverage ML (machine learning) and data science algorithms to fight fraud. Detecting anomalies and outliers through ML (machine learning), utilizing adaptive thresholds, and other advanced techniques are the next wave in fraud detection and prevention. Use Splunk’s ML (Machine Learning) Toolkit to examine outliers within your dataset for indicators of fraudulent activity.
Splunk Fraud Detection for Healthcare
Healthcare insurers process millions of dollars of claims per quarter. The Splunk Fraud detection platform helps healthcare organizations to get ahead of potential fraud trying to exploit those numbers by employing techniques to analyze, index, interpret and transform program, case management, and EMR data.
This helps to detect potential instances of fraud and implement fraud monitoring programs. The platform offers insights to identify data anomalies, unusual trends, and control breakdowns, by developing repeatable tests and in some cases even serve as early warning systems before fraud becomes material.
The financial services and banking industries were the hardest hit by fraud, according to a report. Financial institutions can use Splunk platform to set the rules that correlate possible fraud indicators across channels.
This disables the siloed, manually intensive, and cumbersome investigation processes and provides a 360-degree view of cross-channel customer interactions. Analysts can view all customer activity in one place, and look for anomalous changes in patterns in single or multiple channels that might indicate fraudulent activity.
Splunk Fraud Detection for Public Sector
Public sector organizations can utilize Splunk software to reduce improper or fraudulent payments, improve operational health and enhance program integrity. Use insights to identify data anomalies, unusual trends, and control breakdowns by developing repeatable tests and in some cases even serve as early warning systems before fraud can take place.
By indexing relevant machine data and correlating and searching on it to identify the patterns of fraud, an organization can detect and alert on fraud in real time and prevent it before bottom lines are impacted. Locus IT provides Fraud Analytics services using Splunk product. For more information please contact us.