Neo4j Makes Inroads in the Financial Services Sector as Large Enterprises Leverage Graph Databases to Get a Handle on Complex Fraud Challenges
SAN MATEO, CA--(Marketwired - Apr 23, 2015) - Each and every industry in existence is, or will soon be, under attack by groups of fraudsters. What's the secret for enterprises to stop these criminals before it's too late? Neo Technology, creator of Neo4j, the world's leading graph database, says using real-time graph queries is the most powerful way to detect a variety of highly-impactful fraud scenarios. From fraud rings and collusive groups, to operations by educated criminals working on their own, graph databases provide a unique ability to uncover a variety of important fraud patterns, in real-time.
As traditional fraud identification methods rely on outliers and the tracking of abnormal behavior, today's businesses struggle with identifying and preventing fraud in real-time, by leveraging via more subtle clues via entity-linked analysis. Graph databases have emerged as an ideal tool for overcoming this hurdle, given their ability to query intricate connected networks, which can be used to identify fraud rings in a straightforward fashion.
"Graph databases are a unique tool for fraud detection because they have the ability to connect a ring of perpetrators and their activities to detect fraud instances as they happen. Collusions previously hidden are now obvious when you look at them with a system designed to manage connected data," said Emil Eifrem, founder and CEO of Neo Technology. "Simply put, Neo4j stops the bad guys at the front door. This is the most sophisticated way of identifying fraud and makes organizations much more agile."
Types of Fraud
Three of the most damaging types of fraud today include first-party bank fraud, insurance fraud, and e-commerce fraud. While these three are entirely different types of scams, they hold one very important commonality: each involves deception that relies upon layers of indirection that can be uncovered through analysis of connected data.
Gamesys Uses Neo4j to Crack Capers
Gamesys, the largest cash and social gaming operator in UK and Europe, created the world's first cash gaming application on Facebook. The Gamesys team realized that a graph database was essential for robust social capability because their data was already connected in relationships. Eighteen months later, the technology now plays a larger role in terms of fraud detection and prevention, due to its ability to discover and prevent referral abuse. Gamesys handles five billion financial transactions per year, and a quarter of a million unique cash players per month.
"We brought Neo4j in to model a social network but discovered we can also use it to identify potentially fraudulent patterns around our refer a friend scheme," said Toby O'Rourke, Head of Client Platform at Gamesys.
Useful Links
About Neo Technology
Neo Technology is the creator of Neo4j, the world's leading graph database that brings data relationships to the fore. From companies offering personalized product and service recommendations; to websites adding social capabilities; to telcos diagnosing network issues; to enterprises reimagining master data, identity, and access models; organizations adopt graph databases as the best way to model, store and query both data and its relationships. Neo Technology researchers pioneered the modern graph database and have been instrumental in bringing the power of the graph to numerous organizations worldwide. Large enterprises like Walmart, eBay, UBS, Nomura, The InterContinental Exchange, Cisco, CenturyLink, HP, Telenor, TomTom, Lufthansa, and The National Geographic Society, as well as startups like CrunchBase, Medium, Polyvore, Zephyr Health, and Elementum use Neo4j to unlock business value from data relationships.
Neo Technology is a privately-held company funded by Fidelity Growth Partners Europe, Sunstone Capital, Conor Venture Partners, Creandum and Dawn Capital, and is headquartered in San Mateo, CA, with regional offices in Sweden, UK, Germany, France, and Malaysia. For more information, please visit Neo4j.com.
1 Experian at http://www.experian.com/assets/decision-analytics/white-papers/first-partyfraud-wp.pdf
2 Coalition against insurance fraud at http://www.insurancefraud.org/article.htm?RecID=3274#.UnWuZ5E7ROA
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Media contact:
Tanya Carlsson
Kulesa Faul for Neo Technology, Inc.
+1 (707) 529-6139