Lavastorm Rains on Fraudster Parades
December 11, 2012 Alex Woodie
Fraud is big business. It’s tough to pin an exact number on the size of fraud. By one account, fraud commonly accounts for five percent of a company’s annual revenues, or an average of $160,000. Whatever the numbers might be, here’s one thing that’s certain: There is a growing need for companies to protect themselves through the use of fraud management systems (FMS), such as the new Lavastorm Fraud Manager recently released by the smart folks at Lavastorm Analytics.
Detecting fraud has been one of the many things you could do with the Lavastorm Analytics Platform, which is sort of an analytic multi-tool that emerged from Martin Dawes Systems, a provider of an IBM i-based customer care and billing system (as well as services based on that system).
Last week, Lavastorm launched its first dedicated fraud detection tool, which is aimed at communication service providers (CSPs). The offering pairs its flagship Lavastorm Analytics Platform decision engine with Fraud Manager Essentials, a preconfigured set of fraud rules and other objects designed to simplify the roll-out and fine-tuning of an FMS.
Fraud Management Essentials includes more than 90 preconfigured fraud rules and alarms, which eliminates the need to develop these from scratch. The offering also includes a set of pre-defined aggregates, workflows, hotlists, user structures, case management structures, call-detail record (CDR) fields, customer details, and profiles. The idea is that, by leveraging Lavastorm’s experience in detecting fraud, the FMS can be up and running in weeks, as opposed to months with a “blank slate” FMS.
Once the Lavastorm FMS is online, users can adapt the software in response to the changing fraud footprint. This is where Lavastorm’s experience in enabling data discovery comes in handy. “Fraudsters are highly adaptable and elusive and it’s entirely ineffective to control fraud with a black box FMS based on static rules,” Lavastorm Analytics CEO Drew Rockwell says in a press release.
For more information, see the company’s website at www.lavastorm.com.