Financial Services

Financial institution fraud, commonly called bank fraud, can range from a one-person operation at one local bank to criminal conspiracies defrauding large banking institutions. In the 1980s and early 1990s, the FBI reported that 60 percent of bank fraud in the US involved "insider" abuse, from the bank's own employees who used institutional funds for their own use-sometimes to such an extent that the bank collapsed.

Today, financial failure cases from insider abuse has been almost entirely replaced by external or outside fraud-mostly check or loan fraud by bank customers, not employees. Billions of dollars are lost to check fraud every year.

Insurance fraud has existed ever since the beginning of insurance as a commercial enterprise. Fraudulent claims account for a significant portion of all claims received by insurers, and also cost billions of dollars annually.

Types of insurance fraud are very diverse, and occur in all areas of insurance. Insurance crimes also range in severity, from slightly exaggerating claims to deliberately causing accidents or damage. Fraudulent activities affect the lives of innocent people, both directly through accidental or purposeful injury or damage, and indirectly as these crimes cause insurance premiums to be higher. Insurance fraud poses a very significant problem, and governments and other organizations are making efforts to deter such activities.
While prevention is the best cure, it is inevitable that criminal activity will continue, and that investigators will be required to bring criminals to justice. As criminal activity becomes more sophisticated, so too must prevention and investigation methods become more sophisticated.

Investigator is a powerful application that will help financial institutions better manage their investigations of fraudulent activity. As information about a case begins to emerge, complex relationships also emerge.

Tasks are assigned to investigators, and evidence is gathered. Information is shared between the investigation team. Powerful searching capabilities, and visual analysis of intricate relationships, are available to help investigators and analysts.

With Investigator, cases will be brought to a successful conclusion more quickly, and with greater clarity.

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