Tracking fraud through data. One of the biggest challenges companies face is how they aggregate internal and external data. (Photo: Shutterstock)

Fraud analysis is a specialized form of data investigation where you are looking for bad actors — for example, people who submit fraudulent insurance claims. The challenges, in terms of data analysis, are the same as with good business analytics in the right context — you want the most up-to-date, relevant information about the problem.

Ten years ago, you couldn’t find this information — or if you could locate it, you couldn’t get to it. That problem has been solved. Today, there is an overwhelming amount of information available to companies. The challenge now is that the traditional IT mechanisms we use to manage that data are not designed for combining data. Rather, they are designed to keep data apart and are used to answer very specific, narrowly focused questions.

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