Fraud Detection

Real-time Monitoring and Detection of Fraudulent Activity

According to the Association of Certified Fraud Examiners, fraud, theft, and abuse costs organizations trillions of dollars worldwide and impacts most industries. Use Splunk's big data platform to monitor, detect and prevent fraud in real-time to avoid fraud-related costs and protect your customers and partners from the results of fraud.

How Can Splunk Detect Fraud?

Simply put, the patterns of fraud, theft, and abuse are often found in an organization's machine data or log files, just as the patterns of an advanced cybersecurity threat are often revealed in machine data. Authentication systems, firewalls, databases, billing systems and other systems all generate machine data, which likely contain the subtle patterns of fraud when and where fraud exists.

By indexing relevant machine data in Splunk, and then writing the appropriate searches and correlations to identify the patterns of fraud, an organization can detect and alert on fraud in real time and act to prevent it before it adversely impacts the bottom line.

Additionally, Splunk can create baselines of normal activity and then apply statistics and math to the baselines to identify statistical outliers and anomalies that might be fraud. This can help anti-fraud teams creatively identify new patterns of fraud previously unknown to them. Lastly, organizations can use the flexible reporting in Splunk to visualize and measure fraud any way they see fit.

What do the Patterns of Fraud Look Like?

These patterns vary, just as the behaviors of a cybercriminal vary. This means there is no magical "silver bullet" search to detect fraud, and the methods to do this will vary for each organization and each industry. The flexibility of Splunk software lets anti-fraud teams at any organization create the searches specific to their organization to detect fraud.

Here are a few examples of fraud and abuse across completely different industries, and what their related fraud patterns might look like. Users can easily turn each of these patterns into real-time searches using Splunk and generate alerts if search parameters are met.

Users can easily turn each of these patterns into real-time searches using Splunk and generate alerts

Meeting Anti-fraud Team Needs

Splunk Enterprise allows anti-fraud teams to quickly adapt to changing fraud techniques and address a wide range of team needs. Besides fraud monitoring and detection, Splunk can also help with:

Fraud Investigations

Splunk software lets users quickly search and pivot through current or historical data to research possible fraud and to understand the "who, what, where, when and why" around a possibly fraudulent action. If fraud is found, the user can see if the fraud pattern exists elsewhere in the data, as it could potentially be part of a larger fraud ring. Users can then turn the pattern into a real-time search and alert for immediate notification if the fraud reappears.

Fraud Analytics and Reporting

Flexible, advanced reporting and visualizations make it easy to analyze, measure and manage fraud risk. Visualizations can include historical reports, projections, order reviewer dashboards, executive/auditor dashboards,GeoIP maps and more.

Enhance Existing Anti-fraud Tools

Most organizations deploy multiple, siloed fraud solutions. Sometimes these tools inspect just the front-end or the back-end of an online transaction, which means these tools provide a limited view into fraud. In this scenario, Splunk Enterprise can index the event data from these siloed tools and then consolidate the fraud scores from each tool for a specific web session, transaction, IP or user account to come up with a single, aggregate fraud score. Splunk can also generate reports or dashboards containing event information from multiple fraud tools, allowing organizations to view their enterprise-wide risk posture on a single pane of glass.