Identity Resolution Engine™ for Financial Services
Fraud accounts for 10 percent of the property/casualty insurance industry’s incurred losses and loss adjustment expenses with an estimated $30 billion lost in both 2004 and 2005. Bank and credit union compliance officers found that financial institutions that use technology to help with compliance reported far fewer violations found by regulators, yet over half do not use technology to support their compliance efforts.
Infoglide Software is attacking fraudulent activities that threaten financial services companies with the same powerful technology chosen by the U.S. Department of Homeland Security to protect air travel and fight terrorism. Infoglide Software’s Identity Resolution Engine™ (IRE) detects suspicious connections between people, locations, and transactions and finds fraud and criminal activity that would otherwise go undetected.
Perpetrators of fraud often modify identifying attributes like name and address. Using patented similarity search technology, IRE can determine that what appear to be multiple individuals are actually a single person with varying, modified identities. Armed with an individual’s true identity, IRE then can bring to light relationships between that individual and other individuals and data points.
For example in the case of insurance claims fraud, that individual might show up as the driver in one accident, a passenger in a second, and a witness in a third, or a vehicle identification number (VIN) connected to that individual might show up in a claim by another individual who resides at an address that is very similar to the original individual. Existing systems are not sophisticated enough to detect these types of attempts to deceive.
Additionally, many financial services companies have valuable data from both internal and external sources. IRE can access data regardless of whether it is stored internally in multiple different databases or is an external public data source. All that’s needed is the permission to access the data.
IRE can be used by financial services companies to dramatically enhance results from fraud detection applications for:
- Insurance claims screening
- Anti-money laundering
- Regulatory compliance
- Securities trading
This results in increased fraud detection, better service to good customers, and reduction in costs paid out for fraudulent claims and regulatory fees.
Click on the Play button above to see a video about how Infoglide Software and Sun are fighting insurance fraud in the UK.
