SAP says it will provide security against yearly fraud of $3.5 trillion
SAP has launched the Fraud Management analytic application which will help enterprises deter fraud and prevent losses related to it.
The application is powered by the SAP HANA platform and claims to allow companies in theinsurance, public sector, banking, healthcare and utilities sectors to detect, investigate, analyse and prevent irregularities or fraud in big data environments.
The application features real-time detection capability along with alert notification and management features.
SAP Analytics senior vice president and general manager, John Schweitzer ,said that organisations are at risk of losing five percent of their revenues due to fraud.
Companies are encouraged to adapt better analytical tools to identify and prevent fraud before losses occur.
"SAP Fraud Management powered by SAP HANA will enable enterprises in all industries to detect, investigate, prevent and monitor irregularities or fraud in environments with ultra-high volumes of data, from both SAP and non-SAP systems," Schweitzer said.
Services offered by the application include closed-loop fraud processing, seamless integration and optimised investigation.