Fraud is one menace that pervades across industries. We have seen fraud first hand in its various forms in consumer lending businesses, insurance companies, tax authorities, infrastructure and construction companies. Traditionally, the understanding of fraud, its various forms and the way it pervades is not investigated with the right rigor it requires.
We have experience in working with variety of fraud schemes and offer solutions to identify and mitigate different types of fraud schemes and patterns :
First party fraud
Third party fraud
Insider and collusive fraud
Fraud Management is fraught with challenges that are unique and distinguish the problems to identify and mitigate fraud.
At MathLogic, we realize that fraud needs to be understood and classified better before we look to address and mitigate its incidences. There are a number of instances where it becomes difficult to draw boundaries between fraud, abuse and business as usual transactions that appear anomalous.
We have analyzed different types and incidences of fraud for many years working with various clients across geographies and industries. This experience has led us to believe that fraud management is not unlike the “onion peeling” process which becomes as much of an art as it is science.
We have now, through years of research and experience, a suite of advanced analytics tools and techniques packaged as a holistic framework that we offer to our clients. This framework identifies the classical challenges in the fraud detection process and thus builds a multi-layered solution to address the various issues.