NEW YORK, N.Y. - 20 Mar 2014: IBM (NYSE: IBM) today introduced new software and services to help organizations use Big Data and Analytics to address the $3.5 trillion lost each year to fraud and financial crimes. Through sophisticated business expertise and analytics, organizations can take a holistic approach to address the financial losses caused by fraud while protecting the value of their brands.
As part of today's news, IBM launched its Smarter counter fraud initiative, drawing on the expertise and innovation from more than 500 fraud consulting experts, 290 fraud-related research patents and $24 billion invested in IBM's Big Data and Analytics software and services capabilities since 2005. The initiative extends IBM's leadership in Big Data and Analytics andCloud to help public and private organizations prevent, identify and investigate fraudulent activities.
Today's announcement comes at a time when a new generation of criminals are using digital channels such as mobile devices, social networks and cloud platforms to probe for weaknesses and vulnerabilities. The pace of this threat continues to accelerate identity fraud impacted more than 12 million individuals in 2012, resulting in theft of nearly $21 billion, and each day the U.S. healthcare industry loses $650 million due to fraudulent claims and payments.
To address these complexities, IBM is delivering new software that allows organizations to gain better visibility and take a more proactive, holistic approach to countering fraud. This includes the ability to aggregate Big Data across a variety of internal and external sources including mobile, social and online and apply sophisticated analytics that continuously monitor for fraudulent indicators. The new offerings feature advanced analytics that understand non-obvious relationships and co-occurences between entities, new enhanced visualization technologies that can identify and connect fraudulent patterns closer to point of operation, and machine learning to help prevent future occurrence based on previous attacks and behaviors.
Leading analysts estimate that market demand for fraud and risk solutions is quickly accelerating. According to Gartner*, 25 percent of large global companies will have adopted big data analytics for at least one security or fraud detection use case, up from eight percent today, and will achieve a positive return on investment within the first six months of implementation by 2016. IDC estimates that the market for Financial Crime solutions alone will be nearly $4.7 billion in 2014, with a 5.5 percent CAGR over the 2014-2017 forecast period**.
With today's news, IBM is applying many of the same tactics, techniques and procedures used by the intelligence and law enforcement communities to help commercial organizations take a holistic view of this growing and pervasive threat, said Robert Griffin, Vice President, IBM Counter Fraud Solutions. These technologies allow line of business leaders to quickly adapt to emerging threats across the entire organization. Our new initiative puts Big Data and Analytics into the hands of those tasked with defending their organizations from financial losses, protecting the brand and delivering exceptional customer service.
IBM is unique in its ability to combine market-leading software, services and research capabilities to address the full spectrum of fraud and financial crimes from tax evasion, money laundering and cyber-attacks to threats from inside the organization. For example, the new offerings can detect cross-channel mobile fraud and prevent cybercrime enablers like phishing scams. They can enable an insurance company to review thousands of claims in real-time to flag potentially fraudulent activity while processing legitimate claims faster, or help a global bank more accurately detect and investigate money laundering activities to meet regulatory compliance.
IBMs new counter fraud portfolio builds on the company's unmatched R&D investments, and recent acquisitions of Cognos, i2, SPSS, Q1 Labs, Trusteer and SoftLayer. The new software and services include:
Counter Fraud Management Software: A single offering that brings together IBM's Big Data and Analytics capabilities to help organizations aggregate data from external and internal sources and apply sophisticated analytics to prevent, identify and investigate suspicious activity. It includes analytics that understand non-obvious relationships between entities, visualization technology that identifies larger patterns of fraud, and machine learning to help prevent future occurrence based on previous attacks. To enhance these capabilities as new threats emerge, IBM also launched a new counter fraud intelligence task force IBM Red Cell that will work in tandem with the IBM X-Force unit to continuously research trends, develop strategies, and deliver enhancements to the software and services R&D team.
Counter fraud service offerings: Industry-aligned services that combine IBM's consulting, software and technology expertise to help clients improve their counter fraud programs, including:
Outcome-based Accelerators: Evaluate an organization's counter fraud capabilities and provide rapid prototyping to demonstrate business value for enterprise-wide protection.
Target Operating Model: Design organizational constructs, operational governance and technology architecture to better detect to fraud, and respond and investigate exposures.
Scale and Manage: Fast implementation of strategies and technological dimensions to customize and run counter fraud programs tailored for each client.
Fraud discovery assets: A portfolio of customizable, research-developed assets that use analytics to discover fraud, waste, abuse and errors in data intensive industries and functions. These assets analyze
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NEW YORK, N.Y. - 20 Mar 2014: IBM (NYSE: IBM) today introduced new software and services to help organizations use Big Data and Analytics to address the $3.5 trillion lost each year to fraud and financial crimes. Through sophisticated business expertise and analytics, organizations can take a holistic approach to address the financial losses caused by fraud while protecting the value of their brands. 
