Fraud detection and prevention

Mitigate fraud through unstructured data

Fraud risk is constantly changing, shifting and emerging; meaning that access to 100% of your data for Fraud detection is critical to your business.

Whereas most fraud solutions are only able to access, search, mine and match against structured data, 360Retrieve searches across all structured, unstructured information and joins available external data sources to deliver fraud screening across 100% of available data.

As a fraud detection solution 360Retrieve delivers;

Free form search functionality - enabling the user to search all available data contained within the Retrieve environment for;

 - Access to 100% of available data for interrogation and analysis.

 - Ad-hoc searching of individuals and entities contained within all available data.
 - Train of thought investigation.
 - Investigation and identification of systematic and organised fraud attacks.

Rules Engine – establish pre-determined search and rules routines using “boolean operators” to develop rules containing characteristics that you wish to identify for fraud detection;
 - “Out of the Box” 360Retrieve contains predictive fraud rules for immediate deployment.
 - Establish bespoke fraud rules and search routines incorporating fraud characteristics that you wish to identify and flag.
 - Rules weighting to flag cases with the highest fraud potential.

Rule Sets - combine rules output to establish rule-sets for specific;

 - Business users, areas and functions.

 - Fraud categories.

 - Distinct fraud investigations

Run Results – schedule automated or bespoke rule-sets runs to deliver output from rules and rules set for review.

 - Within the 360Retrieve environment.

 - Or to download to CSV to deliver into a “data slab” to join with caseo management, business information systems and additional data and data sources.

Watchlists – establish and manage bespoke entity watchlists through automated “batch” upload or manual input.  

     - Lists: in addition to customer specific watchlists 360Retrieve also contains proprietary watchlists including disqualified directors and open source Intelligence which is managed and maintained by the 360Retrieve data analysis team.

     - Attributes: incorporate and match against individual or multiple elements within a watchlist entry including, name, address, postcode, e-mail and phone number.

     - Rules tethering: combine watchlist output with rules and rules sets.

Case Management – retrieve and manage output from rules, rule sets and watchlists within the 360Retrieve platform;

 - Automated output from scheduled rules, rule sets and watchlist matching routines.

 - Weighted output to flag high priority and “red” cases and alerts.

- Review documents and data fields associated with the match/alert within the case management environment.

 - Workflow to manage and record the outcome of flags and alert review, interrogation and investigation.

 - Monitor and maintain rule, rule-set and watchlist efficacy.

 - Ongoing business case assessment and evaluation of ROI from the 360Retrieve platform.

 - Integration with 360Siteview; deliver case management fraud alerts in “real time” into 360Siteview to determine workflow decisions and case allocation.

 - Deliver case management output to customer, partner and third-party case management systems.

Fraud Analytics – Customisable analytical and interactive “real time” dashboards delivering a visual representation of your Business and it’s fraud detection performance, incorporating and accessing all available data including unstructured, structured, internal, external, industry and third party data sources.

Analytical Profiling – analytics based upon historical profile, current and emerging experience, identifying changes in risks and priorities within the business to enable appropriate informed business and process response and refinement. Claims portfolio profiling includes;

 - Fraud detection performance, claims and underwriting.

 - Any class of business; motor, home, casualty, commercial, travel, pet, run-off classes

 - Know your opponent (KYO) Analysis – compare and contrast intermediary and claimant representative behaviour against your whole portfolio to identify “fraud characteristics” that are consistent and distinct with a specific entity but inconsistent and irregular with the overall portfolio.

  - Pattern and trend Analysis – monitor changes in risk and claim presentation across the Business and portfolio to enable appropriate informed strategic fraud and process response and refinement.

 - Geo-mapping – delivers geo-analysis of the claims portfolioperformance and experience, both customer and third party down to micro level, that can be incorporated within fraud detection rules and routines.

 - Hierarchical dashboards – provides fraud analytics and bespoke dashboards specific, relevant and appropriate to all areas of the Business.

 - Data Extracts – extracts of data held within 360Retrieve for customisable business information, interrogation and joining with internal case management systems and platforms.

In Deployment – 360Retrieve as a Fraud Solution;

 - Average ROI 20:1

 - Delivers 30% uplift over above incumbent fraud detection systems and processes in Auto/Motor claims