Those unsavoury types involved in fraudulent behaviour ply their trade by operating under the radar, by looking for gaps in security and exploiting routes that are not always monitored or even capable of being monitored. The fact is that no matter how much security is stepped up, criminals will always find a loophole that can be accessed for their own benefit.
It is obvious that technology can assist with this and is currently being used to do so, but typically this is applied to structured data that can easily be queried, analysed and suspicious activities identified. Several times now I have been called by my bank or credit card company to ask if I have conducted purchases or withdrawn money as either the value, item, location or time of purchase falls outside of my regular pattern.
Being able to do this kind of analysis depends very much on big data and powerful reporting tools to identify trends, anomalies and produce alerts to notify when suspected suspicious behaviour occurs. The problem for many companies is with data that is not so structured and the best example of this is paper, emails and electronic documents.
Being able to extract data from unstructured sources and use it for analysis will close a significant loophole and enable organisations to run checks against their entire dataset, not just structured data. Technologies such as scanning and optical character recognition can transform what is simply an unintelligible image of a document, a photo essentially, into raw data that can be analysed for phrases, account numbers, names and any other identifiable data items that might point towards suspicious activity having occurred.
Being able to perform intelligent data searches across all unstructured data sources including email., document stores, paper documents and other information feeds is essential for ensuring you have complete control and visibility across your enterprise data. This in turn will provide opportunities for identifying fraudulent behaviour and suspect individuals.
There are other obvious benefits that capture provides such as reduced reliance on paper, improved process workflows with digital images, opportunities for collaboration, disaster recovery (paper can be damaged by fire or flood) reduced keying-in times and savings in storage space.