By Philip Rathle, VP of Products | June 2, 2014
Banks and insurance companies lose billions of dollars every year to fraud. Traditional methods of fraud detection play an important role in minimizing these losses. However, increasingly sophisticated fraudsters have developed a variety of ways to elude discovery, both by working together and by utilizing various other means of constructing false identities.
Graph databases offer new methods of uncovering fraud rings and other sophisticated scams with a high-level of accuracy and are capable of stopping advanced fraud scenarios in real time.
While no fraud prevention measures can ever be perfect, significant opportunity for improvement can be achieved by looking beyond the individual data points to the connections that link them. Oftentimes, these connections go unnoticed until it is too late—something that is unfortunate, as these connections often hold the best clues.
Understanding the connections among data, and deriving meaning from these links, doesn’t necessarily mean gathering new data. Significant insights can be drawn from one’s existing data, simply by reframing the problem and examining it in a new way: as a graph.
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About the Author
Philip Rathle, VP of Products
Philip Rathle has a passion for building great products that help users solve tomorrow’s challenges. He spent the first decade of his career building information solutions for some of the world’s largest companies: first with Accenture, then with Tanning Technology, one of the world’s top database consultancies of the time, as a solution architect focusing on data warehousing and BI strategy.
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