Fraud costs. Do you know how much, and not just in money, but in reputation and waste? Fraud, waste and abuse represent about 10 percent of overall government program spending. This important topic came to us from GovInsider in their article, “Is your agency ready for the new nature of fraud?”
What makes this worse, if possible, is that fraud has evolved to be harder to detect. In today’s world, government processes and data are still paper-based, which means that fraudsters easily access and steal. Traditional fraud detection isn’t enough. Agencies need to move away from a siloed approach.
Fraud detection is a challenging problem. Going far beyond traditional attack detection, sophisticated machine learning systems can help organizations stay one step ahead of fraudsters. The best technology for fighting fraud is one that can change and adapt as quickly as the fraudster’s tactics. That’s what makes machine learning systems perfect for fighting fraud.
Melody K. Smith
Sponsored by Data Harmony, a unit of Access Innovations, the world leader in indexing and making content findable.