Fraud Detection and Prevention
Fraud Detection & Prevention
Leveraging Splunk for a Proactive Approach to Protection
Expert Fraud Detection Protects Your Organization
Fraud, as most people know, can have catastrophic effects on any institution—it’s imperative to take proactive steps in preventing it.
If your organization owns a Splunk solution, leveraging this for fraud detection and prevention is not only an optimal way to maximize the value of your license, but also a reliable and innovative strategy to save your organization significant time, resources, and revenue.
By relying on Splunk, our services allow fraud professionals to focus on the logistics of investigating fraud once it’s identified. The automation in this process also moves at a significantly faster rate than traditional practices, allowing for faster detection and remediation. If your organization is already utilizing Splunk for other ingesting purposes, the pivot towards adding fraud-specific searches and detection is a natural one.
What Are the Most Common Types of Fraud?
Procurement Fraud
Account Takeover
Drug Diversion
Inventory Control Fraud
Credit Card Fraud
Gift Card Fraud
How We've Helped Our Customers
Retail Fraud Remediation
SP6 was able to save one of America’s largest home improvement retailers over $1M a month on retail/e-commerce fraud alone. By pulling data from multiple sources and utilizing attribution to assign values to data, SP6 engineers were able to identify anomalies in the data that indicated deception, manipulation, and overall fraud from customers.
Public Benefits & Tax Fraud at the State Level
SP6’s engineers teamed up with a U.S. state in 3 separate engagements to identify over 500,000 suspected fraudulent public benefits and tax fraud claims. These 33 weeks of Splunk professional services saved this state’s government over $5.6 billion.
Academic Fraud Detection
SP6 was able to utilize a non-traditional application of fraud detection to identify cheating for two major universities including an Ivy League and Private Institution. Both the schools benefited from improved academic integrity, upholding the university’s prestigious reputation.
Breaking Down Our Fraud Detection Services
SP6’s Fraud Detection and Prevention services begin with a workshop between you and your team of SP6 professionals. This working session will allow our engineers to determine your priorities, biggest areas of concern, and relevant data sources directly related to your organization’s risks and direct threats.
By personalizing your Splunk solution with custom processes specific to the types of fraud your organization is vulnerable to, our Splunk Core Certified engineers build custom sequences with data ingested from your environment utilizing a practice called, Risk-Based Alerting (RBA).
Risk-Based Alerting allows our team to integrate additional context and attribution into your detection logic. Once your environment has scored different levels of risk associated with different data inputs, our engineers help you reduce overall alert volume, improve detection quality, and advance your overall fraud detection and prevention efforts. This allows investigators to focus on higher fidelity fraud cases instead of getting swamped down by outliers or outright false positives.
- Running searches and detections continuously for real-time monitoring
- Increasing response time to detected fraud for maximum savings
- Reducing the rate of false positives in your current fraud detection
- Cut down the manual labor and workload of your organization’s fraud professionals
- Utilizing a solution like Splunk that you’ve already invested in
