|
In
the land of Harshad Mehtas and Ketan Parikhs, fraud is increasingly
assuming alarming proportions. Globally, during holiday season
alone, online stores lose around $300 million to fraudulent
transactions equal to three percent of e-commerce sales.
 |
Dikshit
says insurance, banking, e-commerce and healthcare are
areas that the company is betting on |
Although
fraud can have a disastrous effect on business, a troubling
aspect is the lack of solutions to tackle this problem. But
if the $1.2 billion SAS, a global leader in data mining solutions,
is to be believed, data mining could offer an effective solution
to the problem. The company is not just shooting from the
hip, in fact as Veera Dikshit, national sales manager-financial
services, SAS India, points out, the company is bullish on
this market and plans to earn 3-4 percent of its revenues
through this segment.
Dikshit points out that using data mining, cases of fraud
can be detected at an early stage. For example, if a person
submits bills for a different disease every six months, using
data mining tools, the pattern can be detected. Companies
can use the same tools to track duplicate and multiple occurrences
of values. This, when analysed against the backdrop of historical
information, will throw up a list of fraudsters.
Another sector infected by fraud is the credit card industry.
Here again, data mining tools can ascertain important variables
such as credit card usage, amounts spent during a day and
its ratio to the cumulated time intervals between transactions.
Typically, most of the high fraud cases correspond to transactions
with high usage and high amounts during a day. Dikshit adds,
“In India, for historical reasons, fraud has not been
recognised as a serious problem. But we see a big area of
application in health care and related insurance fraud. e-commerce
is another big area of this application.”
|
