Data Sherlock: Addressing Fraud

In today’s case, our Data Sherlock takes on the complex world of fraud. Unfortunately, fraud is more diverse, prevalent and difficult to stop than ever before. Companies and industries are unknowingly increasing fraud avenues by adopting additional points of client interaction. These multiple points of customer interactions combined with the reward of successful fraud means criminals are going to continue looking for ways to exploit companies.

Our Data Sherlock went to the white board to broadly explain what an analyst or company would need to combat fraud. As Data Sherlock is passionate about helping companies, he came up with five points in this critical area:

  1. Companies need a platform that is flexible and can handle the ingestion of any type of data source. This is important as companies are adopting additional points of contact with their customer base. Thus, any solution used as a fraud platform has to be flexible and defined ahead of time.
  2. After ensuring the platform is flexible enough to capture any and all required data sources, the system must support both basic, advanced and ad-hoc search. Clients need this ability because the bad guys will keep trying new ways to perform fraud which means a solution must support all flavors of search.
  3. Next, the platform must allow the analyst hunting for fraud to investigate suspected fraud, as it is the ability to discern fraud from legit transactions that is key.
  4. As investigators and analysts near their conclusions, they must be able to perform correlations that ensure future fraud of said type or activity is flagged early and prevented.
  5. Lastly, companies need to establish dashboards and alerts of suspected transactions that meet certain criteria so they are identified early and stopped before they get out of hand.

Our Data Sherlock was left staring at the board when he realized that Splunk Enterprise is the best and most flexible platform on the market to search, investigate, correlate and alert for fraud. Splunk’s ability to collect any data source, adapt over time and leverage the power of baseline and machine learning means companies have a fighting chance to find and mitigate fraud and reduce future occurrence.

Find out more about fraud detection—check out the Splunk for Fraud Detection solution guide or read about how to use Splunk software to detect account takeovers.

If you’re worried about fraud, Splunk’s got your back.

Case closed.

Z – Data Sherlock

Michael Zuber

Posted by


Join the Discussion