SAP taking aim at $3.5 trillion worth of fraud with new app

SAP taking aim at $3.5 trillion worth of fraud with new app

Summary: SAP's latest HANA-based app looks at automating fraud detection across banking, healthcare, utilities, and government industries.

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SAP's latest new application running on its flagship HANA in-memory database has business fraud (and trillions of dollars of it) in the crosshairs.

The German corporation pointed toward a 2012 report conducted by the Association of Certified Fraud Examiners as part of the inspiration behind the new app. According to the report, approximately $3.5 trillion in worldwide fraud was reported in 2011 alone.

Introduced amid the Financials 2013 conference in Las Vegas this week, the SAP Fraud Management analytics application is designed to detect, investigate, analyze and prevent irregularities within big data environments in global enterprise customers across banking, healthcare, utilities, and government industries.

For example, SAP also highlighted from the ACFE report that U.S. insurance companies face up to $40 billion of non-health-related insurance fraud each year.

Thus, SAP Fraud Management is touted to help insurance companies automate fraud detection and avoid payments on illegitimate claim requests.

At the most base level, the SAP Fraud Management tool should be able to use the HANA appliance software to tell the difference between false alarms and actual fraudulent activity targeted toward data management infrastructures.

SAP also asserted that the combination of these methods should help users prepare for these scenarios by changing their patterns now to prevent fraud from becoming a problem later.

Topics: Security, Big Data, Data Management, SAP, Enterprise 2.0

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  • There's fraud and there's fraud

    There was me thinking maybe this app was designed to find the frauds being committed by big business and banks so maybe helping to regulate their transactions and put some of their ill gotten gains back into public circulation. Of course no, it turns out it's designed to catch the little man trying to grab back a few extra pounds by exagerrating a claim.

    Mind you I should have known really, I mean banking fraud is probably rated in the hundreds (if not thousands) of trillions a year not just a paltry $3.5trillion
    DWR