We know that Big Data is an immensely popular talking point. But here we will be discussing more about Big Data and Security for enterprises. From security perspective, there are two distinct issues in the Big Data Analytics context: security concerns for the organization and security concerns of the customers’ information. We will also talk about how we can analyze, and even predict security incidents using Big Data Analytics techniques.
We know that the enormous data held by enterprises and government agencies is growing exponentially. With this, the capability to reduce fraud grows along with it. There are enterprises like banking, insurance and healthcare where frauds are committed quite often. The losses from such frauds may vary from one organization to another but the cost involved is substantial and therefore reducing frauds is necessary not only to maintain world-class standards in the ethical context but also in terms of the business aspect.
Organizations are struggling hard to find significant and effective methods to combat frauds happening internally in these enterprises. To give you a better idea, we are talking about a small fraud in an organization that has an enormously huge amount of information- a little fraud-search can be compared to searching for a needle in a haystack. It can turn out to be time and effort consuming. Traversing through such huge information is cumbersome. This type information is usually a sum of complex correlations and aggregations and as such, ‘little’ mistakes can be very crucial. With this blog, we will stress how big data analytics can help in overcoming the frauds happening within various type of organizations. Presentation touch-points:
– Frauds, their types and fraud detection techniques.
– Big Data and Big Data Analytics.
– Fraud Target
– Fighting Frauds Using Big Data Visibility and Intelligence
– Big Data Analytics Solution Providers
The term ‘fraud’ is generally defined in the law as an intentional misrepresentation of material existing fact made by one person to another with knowledge of its falsity and for the purpose of inducing the other person to act, and upon which the other person relies with resulting injury or damage. The definition of ‘person’ can be extended to individuals, groups or firm or a group of companies. So fraud can contain a wide range of illicit practices and illegal acts which involves misrepresentation and intentional deception.
Let’s quickly get into discussing the types of fraud especially at the occupational level.
1.1 Types of Frauds:
1.2 Analytical Techniques for Fraud Detection: