Graphs in Fraud Detection
The possibilities really are endless, whether you need a graph to alleviate first-party fraud, identify ‘whiplash for cash‘ claimants or assist with provenance within an organisation, the flexibility of a graph database allows this to be done with ease and speed.
With improvements made to Neo4j, users now have the ability to sandwich a graph database between a web response and web request, gaining ‘real-time’ analysis on potential fraud in a matter of seconds – stemming the source of the potential problem immediately.
With U.S. banks as a collective losing tens-of-billions of dollars every single year through first-party fraud, it only seems logical, in my eyes, to use a graph database to highlight synthetic identities (fraudsters) when they max out their credit limit and then shut down their accounts, cards and alliances before any money can be withdrawn.
Graphs in Master Data Management
Another prime example is Master Data Management (MDM), the ability to identify easy recommendations within an organisation to create opportunities across the workforce.
Ultimately, creating triadic closure across nodes (humans, colleagues, friends etc.) allows for trust to be built, working relationships to be developed (increasing productivity) and, as previously mentioned, increasing potential profit within an organisation.
Graphs in Logistics and Delivery
With the ability to model complex connected data-structures including locations, individuals and products, large amounts of time and expenditure can be saved through the use of a graph database.
Companies have already proven that, with the use of a graph database, you can order a product at the start of a presentation, and before the 45-minute talk has finished, the product has arrived. Customer satisfaction, retention and recommendations must increase tenfold with this kind of service, no more worrying if you’ve made the cut-off for next-day delivery, you can have your shoes within hours.
The Growing Neo4j Talent Pool in the UK
Neo4j’s activity and growth within the community has been exponential. It has, by far, one of the best attended meetup scenes in London. Having attended the Neo4j meetup at Skills Matter at the end of March 2016, the room was packed, giving users and potential users the ability to troubleshoot problems, meet others and build their own networks.
The demand for Neo4j experience is high, with companies paying above-average salaries and daily rates for graph database knowledge. On the other hand, if you are thinking about implementing a graph database into your system, there is a pool of talent to reach out to.
Companies have already proven that the cost of using Neo4j and hiring engineers to put the product into production is a mere drop in the ocean in comparison to profit made via elevating the original issue.
eSynergy Solutions hosts official Neo4j training in our head office in London for our community on a regular basis. For more information please visit our events page.
We have helped a number of clients build highly talented teams of engineers and developers on both a permanent and contract basis with Neo4j experience, if you are looking to build a team with graph database experience or upskill your existing team please do not hesitate to get in touch.
eSynergy Solutions is a Silver Sponsor of GraphConnect Europe. Click below to register for GraphConnect and meet Mark and the rest of the eSynergy team in London on 26 April 2016.
About the Author
Mark Cryer, Senior Consultant, eSynergy Solutions
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