Using data visualization and link analysis for fraud detection
The main challenge for organizations detecting and combating fraud is to find efficient and affordable solutions for constantly evolving fraud techniques. New methods and actions being deployed by fraudsters every day causing financial disasters on different scale. To counter such actions, it is vital not only to interpret and visualize the data but also to predict and prevent new possible frauds. That is the part were graph visualization is perfect for this task as you can see all the connections between the entities involved in a fraud and estimate or even predict possible escalations. With proper visualization you can filter out the irrelevant data and links making the analysis of the exact fraud cases cleaner and easily readable. You can also effectively trace relations between different cases linked together through some entities thus decreasing the level of complexity for the task to identify fraudsters.
The modern era is the era of information and no wonder that we see online fraud activity increasing from year to year. The main purpose of any fraud is to obtain the material gain from the victim. Most of the frauds we see online is the identity thefts including account stealing and data thefts including credit card data stealing. As the e-commerce market grows so grows the level of frauds as the successful frauds becomes more lucrative. Prevention of the online fraud nowadays requires skills, intelligence and efficient tools to keep up with the new fraud techniques emerging every day.
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