by Bob Thomas
We are sometimes asked “what makes DataWalk different than other fraud detection software companies?” Here’s a list:
Rapid deployment: Other fraud detection software companies (e.g., for insurance fraud, procurement fraud, etc.) can require months or even years to deploy. DataWalk can be installed in an hour, and can start delivering initial results in a few hours or maybe a few days.
Easy connection of ALL data: Unlike some fraud detection software companies, DataWalk enables you to easily connect all desired data in a single repository. This can include both structured and unstructured data from your internal databases, public records sources/services, websites, social media, and anything else.
Accelerate or even eliminate triage: Most fraud detection software companies assume a triage function will be implemented as part of the workflow. DataWalk can greatly accelerate triage, and as the number of false positives can be dramatically reduced, in some cases our customers decide to actually eliminate the triage step.
Minimal IT support: Most fraud detection software companies require extensive IT support, for everything from installation and deployment, configuration modifications (e.g., incorporating new data sources), and data model changes. With DataWalk IT requirements are dramatically reduced, as many more of these functions can be done by an administrator or power user.
Built-in investigation capabilities: With other fraud detection software companies, you may have to utilize various applications to implement a complete anti-fraud process with separate systems for scoring, alerting and investigations. DataWalk combines all these capabilities in a single platform. All scored claims can be instantly visualized on link charts, enabling you to easily identify hidden relationships. DataWalk can also scan your data and automatically identify clusters to automatically find and visualize organized crime groups and other cluster patterns of interest. Unlike some fraud detection companies, DataWalk includes a link chart facility which integrates with maps, supports time-series analysis, enables visualization of flows, and includes Social Network Analysis heuristics.
Collaboration: Unlike some fraud detection software companies, DataWalk’s product was designed for collaboration. You can easily share data, analyses, and investigation files with authorized colleagues.
Range of applied techniques and technologies: Unlike many fraud detection software companies, DataWalk can utilize a combination of rules, machine learning, clustering (social network analysis), neural networks, and other technologies to provide more effective scoring of claims or cases.
Flexibility: Compared to other fraud detection software companies, DataWalk provides breakthrough flexibility across the solution. This includes a flexible logical data model that makes it trivially easy to connect new data sources and/or modify connections between data sources. DataWalk also provides easy, flexible scoring, such that a score can be configured or modified with a few clicks. Rules can be generated via a simple visual interface, such that they can instantly be created or modified by a power user or administrator.
Vastly simplified data preparation: Other fraud detection software companies often require that you complete a massive data cleanup project before you can actually utilize their solution. In contrast, with DataWalk you can ingest and connect your data “as-is”, and then do any required transformations in DataWalk as needed.
On premise or in the cloud: Unlike solutions from some fraud detection software companies, DataWalk can be deployed under various infrastructure strategies. DataWalk can be installed on-premise behind your firewall, or can be deployed in the cloud.
Cost: DataWalk is often a fraction the cost of solutions provided by other fraud detection software companies.
There of course are various fraud detection software companies and their capabilities will vary, but in general DataWalk provides a compelling solution at a fraction of the cost of comparable alternatives.