November 15-21 marks International Fraud Awareness Week – but for many in government, that’s every week. From bogus benefits claims to fraudulent network activity, fraud in all its forms represents a significant threat to government at all levels. Some experts estimate the U.S. government loses nearly 150 billion dollars due to potential fraud each year, McKinsey & Company reports.
Fraud awareness in the Financial Services industry is more important than ever. According to the September 2020 benchmarking report conducted by the Association of Certified Fraud Examiners (ACFE) in response to the coronavirus, 77% of survey respondents, representing a range of industries, have observed an increase in the overall level of fraud as of August, compared with 68% in May. The report reveals 68% of respondents have observed an increase in payment fraud schemes (vs.
In June, Snowflake announced the public preview of the external functions feature with support for calling external APIs via AWS API Gateway. With external functions, you can easily extend your data pipelines by calling out to external services, third-party libraries, or even your own custom logic, enabling exciting new use cases. For example, you can use external functions for external tokenization, geocoding, scoring data using pre-trained machine learning models, and much more.
With COVID-19, it has become clear that ideas and assumptions that worked in the past will no longer apply now and in the future. The region is expected to face its deepest economic slowdown since the 1970s due to COVID-19. Businesses might be wondering what to do next.
One of the many areas where machine learning has made a large difference for enterprise business is in the ability to make accurate predictions in the realm of fraud detection. Knowing that a transaction is fraudulent is a critical requirement for financial services companies, but knowing that a transaction that was flagged by a rules-based system as fraudulent is a valid transaction, can be equally important.
Well, it is International Fraud Awareness Week, focused on promoting fraud prevention and education. A fantastic initiative! Maybe I am naïve but I feel a bit sad that there is a need for “fraud week”. The insurance industry has a long and intimate relationship with fraud in many different ways. Insurance fraud can take place at a process or business function level, most notably in claims or underwriting.
