Fraud costs companies billions of dollars every year. Medical fraud alone is calculated to cost the US 68 billion dollars annually. Relying only on manual detection of fraud is rarely a cost effective remedy to this problem. In fact, in many cases it costs more to find fraud, than the remuneration received once the case is finished. This is far from efficient and makes it very difficult for companies to approach fraudulent claims and transactions in any industry.
Going beyond the hype and sizzle of big data and analytics, fraud detection is where these buzzwords provide major ROI. In the world of big data, it is key to utilize hybrid processes that involve developing algorithms to help quickly sort out the claims or transactions that are the most likely to be fraudulent. This can help save human resources hundreds to thousands of hours of manual search time. Thus, allowing your team to focus their efforts on other pressing issues.
Our team has experience developing these systems that can help pinpoint transactions that need to be analyzed and decrease the man hours required to tread through all of your transactions.
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If your department is looking to develop a system to better classify fraud, then contact us today! We would love to help develop your product. Or background in data engineering, data analytics and data science makes us a
As data grows the ability for your employees to turn that data into cost savings and revenue makes a huge difference in your bottom line. Upskilling your workers can drastically increase the value they can provide your teams and your entire company.
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