From Scanning to eDiscovery to Fraud Triangle Analytics
February 9, 2014
Search and content processing vendors are innovating for 2014. The shift from a back office function like scanning to searching and then “solutions” is a familar path for companies engaged in information retrieval.
I read a 38 page white paper explaining a new angle—fraud triangle analytics. You can get a copy of the explanation by navigating to http://bit.ly/1o6YpnXi and going through the registration process.
The ZyLab concept is that three factors usually surface when fraud exists. These are a payoff, an opportunity, and “ the mindset of the fraudster that justifies them to commit fraud.”
ZyLab’s system uses content analytics, discovery, sentiment analysis, metatagging, faceted search, and visualization to help the analyst chase down the likelihood of fraud. ZyLab weaves in the go-to functions for attorneys from its system. Four case examples are provided, including the Enron matter.
Unlike some search vendors, ZyLab is focusing on a niche. Law enforcement is a market that a number of companies are pursuing. A number of firms offer similar tools, and the competition in this sector is increasing. IBM, for example, has products that perform or can be configured to perform in a somewhat similar manner.
IBM has the i2 product and may be in the process of acquiring a company that adds dramatic fraud detection functionality to the i2 product. This rumored acquisition adds content acquisition different from traditional credit card statements and open source content (little data or big data forms).
As some commercial markets for traditional search and content processing, some vendors are embracing the infrastructure or framework approach. This is a good idea, and it is one that has been evident since the days of Fulcrum Technologies’ launch and TeraText’s infrastructure system. Both date from the 1980s. (My free analysis of the important TeraText system will appear be available on the Xenky.com Web site at the end of this month.)
At ZyLab, search is still important, but it is now a blended set of software package with the FTA notion. As the world shifts to apps and predictive methods, it is interesting to watch the re-emergence of approaches popular with vendors little known by some today.
Stephen E Arnold, February 9, 2014
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