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Using EDM to stay a step ahead of fraud

Nice article on Staying a Step Ahead of Fraud in Intelligent Enterprise today. Michael writes a nice summary of some of the approaches and technology used in the battle against fraud. Those of you paying attention will notice that "Falcon's key components are a Java-based predictive modeling engine based on a proprietary neural network and a Web-based workstation that card issuers use to create and maintain rules and change rule parameters". Falcon is, of course, an Enterprise Decision Management solution using business rules and analytics (neural networks are a form of analytic model) to decide how likely something is to be fraudulent and what to do about it. Likewise the solution MetLife developed brings together rules and analytics for a custom EDM solution. Indeed fraud is one of the most lucrative areas for applying EDM and I have blogged about EDM and Fraud a few times.

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