Using unstructured data in fight against financial crime

Synectics Solutions and Infoboss today announced a partnership that will see both organisations integrate their respective technology platforms, to broaden the reach of anti-fraud and financial crime activity, in both the public and private sectors, through the automated processing of unstructured data.

Infoboss has developed innovative data mining and processing capabilities allowing for the collection, classification, tagging, derivation and augmentation of data from any electronic source. The technology automates the management and processing of data utilising machine learning and artificial (AI) techniques enabling businesses to leverage valuable insights and efficiencies from previously untapped data sets.

From today, Synectics will be working with Infoboss to begin to incorporate its unstructured data mining capabilities into its financial crime risk management solutions for both public and private sector use. This comes on the back of additional partnerships recently agreed with other unstructured data analysis companies in this area, and reflects the big opportunities that Synectics sees for its clients’ in leveraging this untapped source of intelligence to aid the fight against fraud and other types of financial crime.

For over 27 years, Synectics has been at the forefront of developing leading edge, data driven solutions for its clients to help them create effective risk management systems to reduce their losses to fraud and financial crime.

Synectics’ clients have saved over £4.8 billion collectively in recent years through the use of market leading link analysis, fraud prevention and predictive analysis solutions – SIRA, Orion and Precision. Synectics has also helped public sector organisations save over £1.69 billion through its work with the UK’s Cabinet Office and the National Fraud Initiative. This new technology partnership will be especially useful to Synectics’ customers in their fight against fraud and minimisation of claim leakage.

Mark Hobart, Managing Director Infoboss commented: “The relationship with Synectics is important to us as it provides opportunity to illustrate how our innovative technology platform can be used in the fight against fraud and to deliver efficiencies in other areas that their customers are looking at such as claim leakage.” Hobart continues: “Synectics is a leader in its field and we’re delighted to have been selected as a trusted partner on this innovative initiative.”

Russell Mackintosh, Head of Partnerships at Synectics said: “There’s often far more intelligence that fraud investigators can utilise from their own unstructured data. This is typically held in correspondence, invoices, statements, utility bills, payslips, claims forms and identification documentation. By using Infoboss’ technology to harvest this information and integrate it into our fraud prevention solutions, our customers will be able to gain a much more informed and richer picture of the levels of risk associated with applications or claims.”