IBM takes on fraudsters

Big Blue launches software and services to try to stem the $3.5tn lost annually to fraud and financial crime

IBM is drawing on its $24bn (£14.5bn) investment in big data and analytics over the past nine years to tackle the rising problem of corporate fraud.

The vendor has launched its Smarter Counter Fraud initiative, drawing on expertise from more than 500 fraud consulting experts, 290 fraud-related patents and its investment in big data and analytics technology, as recent figures estimate the amount lost to fraud and financial crime is as high as $3.5tn.

As a result, IBM is launching new software that allows organisations to take a more proactive approach to countering fraud, through the aggregation of big data gained through mobile, social and online monitoring and analysed for fraudulent activities.

The vendor is hoping to gain a slice of what IDC estimates to be a $4.7bn market this year.

Robert Griffin, vice president of IBM counter fraud solutions, said: “With today's news IBM is applying many of the same tactics, techniques and procedures used by the intelligence and law enforcement communities to help commercial organisations take a holistic view of this growing and pervasive threat.

"These technologies allow organisations to move and adapt at the speed of threat in ways that human beings simply can't. Our new initiative puts big data and analytics into the hands of those tasked with defending their organisations from financial losses, protecting the brand and delivering exceptional customer service."