Best Practices Just Got Better
By Douglas Wood, Infoglide Senior Vice President
On the heels of the very successful Association of Certified Fraud Examiners (ACFE) conference last month comes an industry event which represents investigators of financial crimes and fraud. The International Association of Financial Crimes Investigators (IAFCI) meets in Washington, DC next week with an agenda that is chock full of sessions involving discussions of best practices for solving and preventing financial crimes.
With an audience looking to share thoughts on insider trading detection, mortgage fraud, organized crime ring detection, anti-money laundering and insurance claims fraud, the conference is sure to be buzzing!
One thing for certain is that there is no one “right” answer to prevention and investigation. As I pointed out in a previous post here, it is clear that predictive analytics technologies have been a valuable tool for organizations to “catch” fraudsters based upon their behaviors. With more and more organizations adopting identity resolution technology, however, those “best practices” are becoming even better.
Identity resolution technology goes at the heart of who’s who… and who’s working with whom… by “gliding” across an organization’s data (internal and/or third party) and searching for those tiny pieces of forensic data attributes that are the golden nuggets of financial crime investigation. Identity resolution helps investigators understand the identity matches and non-obvious relationships between individuals across enterprise data – despite input errors or deliberate attempts to deceive.
In combating financial crimes, identity resolution technology has become the next big ‘thing’, as it provides answers to the following types of questions:
- Does someone in an incident database resemble someone in another database… and who else is connected to them?
- Is the witness in an insurance claim suspiciously similar to someone in the SIU data?
- Do credit card applicants share subtle attributes that would point to bust-out fraud?
- Does the loan applicant have a non-obvious relationship with an employee? Or a known fraudster?
- How is the stock trader connected (by degrees of separation) to an insider?
- Is an applicant somehow connected to a Denied Person?
Infoglide Software Corporation, the leader in identity resolution engine technology, will be attending IAFCI next week and we would encourage you to drop by our booth and say hello. Otherwise, drop a note to sales@infoglide.com and I will have someone reach out to you directly to explain how this all works.
