Accenture (NYSE: ACN) is launching seven new advanced analytics applications to help organizations more effectively detect and remediate fraud, and ultimately reduce losses to improve their bottom lines.
Designed specifically for banks, telecommunications companies, government agencies and manufacturers, the applications provide users with tailored analytics insights via visualizations that can enable more confident, data-driven decisions on strategies to address fraudulent activity.
“As fraudulent behavior can come in many different forms and morph quickly to stay under the radar, organizations across industries are seeking solutions that can help them to quickly identify and reduce this activity to decrease losses,” said Kieran Towey, managing director, Accenture Analytics. “Recognizing the need for speed, Accenture’s new analytics applications can be ready for use in as little as a few weeks, informing more effective actions that can eliminate risky activities straightaway. The faster we can help our clients to find fraudulent and abusive activity, the faster the steps can be taken to end it.”
The new applications were developed in the Accenture Analytics Innovation Center in Dublin, Ireland, Accenture’s global center of excellence for predictive analytics that targets fraud, abuse and non-compliance. The new advanced analytics applications are:
• Early Warnings - Analyzes data coming from internal and external sources, monitors credits such as loans and mortgages to identify the potential non-payers, and provides an early warning on potentially risky customer credit activity.
• Trade Surveillance - Strengthens in-house surveillance and risk detection capabilities by leveraging big data technologies, advanced analytics and text mining algorithms on data - from internal text and voice data to social media data - to identify unusual and potentially risky or illicit trading patterns.
For government agencies:
• Audit Operations Efficiency - Optimizes the end-to-end audit processes with advanced analytics tools that detect more fraudulent and non-compliant refund claims, improve auditor case selection efficiency and maximize savings.
• Revenue Fraud Prediction - Accelerates value-added tax fraud detection by providing audit managers insight on the operations and key performance indicators of their analytics tools, including analytics rules, networks and predictive models, and informing when remedial action is needed.
• Spend Optimizer - Provides insights into the procurement activities of typical large scale agencies to identify fraudulent or collusive activities that can drive up costs.
For telecommunications companies:
• Predictive Fraud Detection - Detects the likelihood of fraudulent behavior - such as an individual posing as a legitimate customer who receives a service but won’t pay for it - by analyzing internal company and external data to determine the risk factors and level associated with each service user and alerts audit managers of risky behavior.
• Warranty Analytics - Estimates the probability of suspicious activity that involve warranties, either individual claimants or authorized agents. The application provides insight into warranty issues and offers prioritized actions that could help to solve them.
The new applications join the following fraud management apps that are currently available: Claims Fraud for insurance companies; Fraud Detection for retailers; and Energy Fraud Detection, and Credit Collection for resources industries that include energy and utilities companies.
The Accenture Insights Platform, a cloud-based end-to-end analytics solution, hosts the advanced analytics applications portfolio and an integrated design, build, and run environment that enables the agile development of industry and function-specific analytics applications. In addition to using the applications through the platform, organizations have the option of using them on their own. Accenture’s advanced applications are customized to meet an organization’s specific needs - they are integrated with an organization’s unique operational workflow process and designed for a specific user. Depending on the level of customization needed, applications can typically be ready for use in approximately a few weeks to 60 days.