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Robert Griffin, Vice President, Industry Solutions, IBM

Robert Griffin, Vice President, Counter Fraud Solutions, IBM

By Robert Griffin

“Fraud is a normal cost of doing business.”

Any organization that subscribes to this long-standing mantra needs to rethink their priorities. With 2.5 billion gigabytes of data created every day, fraud is taking on a new face in the Big Data world.

According to the Association of Certified Fraud Examiners (ACFE), organizations forfeit five percent of annual revenue to fraud, which by conservative estimates amounts to more than $3.5 trillion lost each year to global fraud and financial crimes. Fraudulent activity has grown in scope, volume and complexity, with the brash sophistication of recent attacks — and magnitude of damage, both to the brand and bottom line — elevating the anti-fraud conversation from acceptable loss to C-Suite imperative.

Today’s generation of organized and digitally-savvy criminals are using the same technologies that deliver efficiency to business and convenience to consumers — such as mobile devices, social networks and cloud platforms — to constantly probe for vulnerabilities and weaknesses. The pace of this threat continues to accelerate. Identity fraud impacted more than 12 million individuals in 2012, resulting in theft of nearly $21 billion, and each day the U.S. healthcare industry loses $650 million due to fraudulent claims and payments.

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Yet, the cost of these attacks is not just financial. Those losses are almost always outweighed by the longer-term impact to the brand and customer loyalty. Nor is the impact limited to large organizations. The collateral damage hits every individual in their roles as consumers, citizens and employees through higher insurance premiums, slower medical claims processing and increased tax rates.

SP Counter-Fraud-final-8-1Help is on the way. At IBM’s Counter Fraud Summit today in New York City, we are introducing a new initiative that puts the power of Big Data & Analytics into the hands of organizational leaders responsible for mitigating financial losses due to fraud while protecting their brand value and customer loyalty.

At the event, I will be leading a discussion with some of the industry’s most well-versed fraud and cybercrime experts, including Theresa Payton, founder of security firm, Fortalice, LLC, and former White House CIO, who will deliver the opening keynote. In addition, we will welcome thought leaders from Bank of America, SunTrust, New York State, Westfield Insurance and others to discuss how organizations can tackle this pervasive and growing challenge.

To quote something I recently heard from Theresa: “Do not accept the adage that fraud is a cost of doing business. Every dollar you charge off to fraud could be impacting your brand, revenue activities, and it could be funding the cybercriminal underground.”

Theresa Payton, Founder, Fortalice, LLC

Theresa Payton, Founder, Fortalice, LLC

In my personal experience working with the intelligence and law enforcement communities, criminals are some of the very earliest adopters of new technology. Technically proficient and more organized than ever, they can hide in plain sight in the world of Big Data, covering their tracks in a sea of diverse, high volume information.

As part of the new IBM Smarter counter fraud initiative, we are delivering new software and services designed to help organizations fight fraud in a way that goes far beyond point solutions.

Just like fighting traditional crime, countering fraud requires vigilance, persistence and the recognition that you don’t want to slow down commerce. At the same time you want to make it harder for the fraudsters.

Learn more at www.ibm.com/smartercounterfraud. Follow the conversation on twitter at #counterfraud.

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Read a Q&A with Theresa Payton on the state of fraud in 2014.

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2 Comments
 
March 23, 2016
9:58 pm

Original title: Liuyang every year 25 million funding support fireworks industry development net Liuyang station February 25 news (fireworks weekly reporter) Yu Binbin to accelerate the transformation and upgrading of the city’s fireworks industry, accelerate promote industry intensive, equipment mechanization, standardization of production, information management, the Liuyang fireworks industry towards the direction of safety and environmental protection in a sustained, healthy and stable development. Recently, Liuyang City Government introduced “on accelerating the development of fireworks industry views”, will strengthen the fireworks industry cluster development of financial support. the “opinion” will come into operation from March 6, Liuyang annual financial arrangements for 25 million yuan of special funds, used to support the fireworks industry mergers and acquisitions, mechanization development and popularization, scientific and technological innovation, transformation upgrading, brand culture promotion, market development, service platform construction etc.. integration: 3 years no longer newly approved enterprises and remote to expand the production line industry consolidation, do bigger and stronger is the development trend of Liuyang fireworks industry future Liuyang will continue to accelerate integration and promotion, establish and improve the fireworks enterprises mergers and acquisitions, the exit mechanism for elimination of, and strictly control the number of enterprises, to the end of 2018 Liuyang fireworks enterprise to control the total number of more than 600 in; are encouraged to fireworks enterprises set up enterprise groups, mergers and other fireworks enterprises and implementation of chain business model, enhance the anti risk ability of the enterprise and the market control ability. Within three years, Liuyang no longer new batch of fireworks and firecracker enterprises and off-site expansion of production line, and strictly control the enterprise the site of the original peripheral new land expansion, and strictly control the production capacity expansion. in order to encourage mergers and acquisitions, support enterprises complementary advantages, powerful alliances, according to the situation of Liuyang finance will be awarded 10 – 200 thousand yuan. for fireworks production enterprises, the standard construction is the focus and fireworks enterprises to continuously improve the safety conditions of production, and gradually realize the factory standard design, production process standards, standardized safety operation and safety management standardization. in addition, Liuyang will vigorously promote the engineering of mechanized production of fireworks, promote the firecracker machinery research and development and application, encourage the development of fireworks mechanical problems, key support relates to drug production of fireworks machinery research and development projects. For all kinds of research and development and promotion of fireworks mechanization enterprise reward 5 – 500 thousand yuan. support: increase support for the export enterprises of design production Award for export fireworks and firecracker enterprises bigger and stronger, is inseparable from the scientific and technological innovation, in this regard, Liuyang will also accelerate promote scientific and technological innovation, and vigorously support the enterprise science and technology research and development and popularization and application of the results, focusing on support for the construction of the platform for the enterprise technology innovation. encourages enterprises and universities and raw materials enterprises to carry out technical cooperation, joint R & D, realize the industrialization of scientific research, given the enterprise reward 10 – 500 thousand yuan. in industrial development, encourage fireworks enterprise intensive management, through the form of a group or association, the establishment of uniform standards, a unified procurement of raw materials and unified brand production and sales cooperation organization, encourage the creation of online electronic mall, explore the o2o model fireworks retail model, promoting the construction of all kinds of products, professional cooperation organization. in logistics, Liuyang will accelerate the fireworks transport and logistics service development, building a fireworks dangerous goods transport logistics enterprises to enterprises or individuals to invest in, when the fixed assets investment of 500 million yuan, 100 million yuan, 20 million yuan of above were given 10 million, 20 million, 30 million reward. Will increase support for export fireworks companies, the establishment of export production award, continue to implement the special fireworks products and export mixed package products support policies. put forward the “opinions”, will accelerate the construction of firecrackers quality and safety demonstration area of national export fireworks enterprises demonstration area, give priority to the implementation of paperless inspection, electron transfer, electronic clearance, centralized examination and paperless customs clearance; priority inspection demonstration enterprises, from the enterprise to manage, add check up identification; arrange special funds in industrial development, for the detection of cost reduction demonstration enterprises, reduce the number of pumping rate for demonstration enterprises (inspection batch sampling rates reach at least 10%); demonstration enterprises have set off site (site) conditions, can apply for on-site discharge completion inspection; optimization of export commodity inspection registration certificate continue review audit procedures.


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July 9, 2015
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September 7, 2014
11:53 pm

travail bien rémunéré

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Posted by: travail bien rémunéré
 
March 20, 2014
11:04 am

[…] Using Big Data to Stop Fraud in its Tracks […]


Posted by: Q&A with Theresa Payton, Thinking Counter Fraud A Smarter Planet Blog
 
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