Big data analytics holds big promise when it comes to helping companies identify fraud, even before a compliance failure unfolds. There is, however, a daunting impediment to getting started: knowing what data to gather and analyze from the heaps of information that most companies generate.
Using analytics to ferret out potential fraud is, of course, not a new concept, but traditionally it’s been limited to the analysis of structured data, such as spreadsheets and database records. Now that Big Data methods provide the ability to harness mass volumes of both structured and unstructured data simultaneously, and at speeds once inconceivable, companies are gaining greater insights into potential fraud and more accurate red flags.
