DataWalk: The New Tool For Fighting Fraud

Bob Thomas, VP Product & Marketing, DataWalk
Bob Thomas, VP Product & Marketing, <a href='https://datawalk.com/' rel='nofollow' target='_blank' style='color:blue !important'>DataWalk</a>

Bob Thomas, VP Product & Marketing, DataWalk

During these times of COVID, we’ve seen an uptick in companies who have decided that it’s time to renew the fight against fraud. DataWalk is a great tool for the fight, for both internal and external fraud, and for both automated fraud detection and efficient investigations.

DataWalk is an Enterprise-class software platform that enables you first to fuse all of your data – whether from internal or external sources, and whether structured or unstructured – into a single repository. Of course, DataWalk includes the ability to perform entity resolution, and either manually or automatically merge entities from across data sources. Simply having one place to find all your data, pre-connected and easily accessible, can dramatically accelerate efficiencies of analysts and others.

With all your data in DataWalk, you can then easily create and tune your own rules, machine learning models, and scores. By iteratively tuning rules and scores, our customers have been able to achieve remarkable accuracy in detecting suspicious conditions, whether its internal or external fraud.

In addition to being able to easily create and tune your own rules and scores, with DataWalk you also can easily add and fuse new data sources to enrich your analytical environment. This enables you to not only monitor a wide variety of fraud indicators, but also to be able to quickly identify and combat new fraud patterns.

To further support customers in identifying new fraud patterns, DataWalk’s “fraud of tomorrow” capability automatically detects new terms and patterns that may be associated with frauds. DataWalk can also help you to automate your anti-fraud processes, as you can easily configure alerts on rules, such that notification is automatically issued if transactions, claims, or anything else exhibit characteristics of interest

Once suspicious conditions are detected, suspected frauds can then be efficiently triaged and investigated in DataWalk. Triage can be done through a quick glance at a DataWalk Summary, which is a single screen that shows the key data required in order to check a transaction, claim, or case, and includes information such as the relevant history of this person or organization, as well as a simple listing of which business rules or machine learning models triggered a risk score in the detection process. Once again, having all data pre-connected and readily available is a key enabler for this. In practice, some of our customers have found that the fraud detection accuracy with DataWalk is so high that they can simply eliminate any manual triage process.

For those transactions, claims, or cases that require investigation, DataWalk is an ideal platform for conducting efficient, collaborative digital investigations. Analysts can instantly see all relevant data, and can utilize a range of tools such as link charts to identify and analyze hidden connections. Data and analyses can be easily, securely shared with selected authorized colleagues, and reports can easily be generated. If desired, cases can be tracked via a basic case management facility included with DataWalk, or DataWalk can easily integrate with your case management system.

Finally, with an integrated dashboard facility, management reporting and review is made simple and efficient.

Whether you are fighting internal fraud or external fraud, DataWalk provides you with a flexible, powerful software platform to significantly improve your ability to detect, triage, and investigate potential frauds, with the ultimate result of enabling you to dramatically reduce fraud losses.

To learn more, see datawalk.com.