New software to help companies fight financial fraud

Senzig, an IBM spinoff business, has created a new software product that allows companies to fight fraud, locate internal threats and identify external vulnerabilities that may affect their systems. The product uses artificial intelligence to scan large amounts of corporate data and ferret out issues. The analysis also reveals things like who is accessing a company’s data and whether the company is in federal compliance.

The Senzig software could be a huge boost for financial services companies, medical organizations, pharmaceutical companies, and any other businesses that suffer from financial fraud issues. MarketsandMarkets estimates that U.S. fraud detection and prevention market is worth about $14.37 billion.

It is no wonder the fraud detection market is so lucrative. The news headlines are filled with big companies, like Wells Fargo, being charged with fraud. The nation’s second largest bank was caught opening millions of fake bank accounts, and now is facing questions about how it handled the fraud cases related to these fake accounts.

One of the key ways to determine potential fraud is to identify everyone a company is working with, as well as the identities of all the business partners. With the large amount of records many companies have, an employee may be identified a variety of ways. Fraud perpetrators will also try to mask their identities by using slightly different identities. According to InsideBigData, the Senzig software uses a self-learning algorithm to examine those identity variables, and then consolidates that information to more easily identify potential criminals.

Senzig is offering their fraud solution as a plug-and-play module that customers can add to their current solutions or as a desktop application. The price point makes it affordable enough for consumers or large corporations.