Uncover Risks and Frauds with Identity Resolution Engine

posted on 22 Feb 2016 20:28 by affiliatetips

Data is a collection of information in the forms of observations, numbers, words, descriptions. A database serves a great purpose for different institutes and organizations. For businesses, a database consists of list of shareholders, clients, debtors, creditors, customers, etc. For educationalestablishments the information consist the entries of students, teachers, etc. Insurance companies possess records of policy holders and so on.

For every organization, the data is vital. The data collected from various sources are stored safely in the computers. These lists are used for several purposes. Most of the times,the money transactions are involved with the data collected. To avoid frauds and other monetary risk, the data needs to be handled carefully.

Firstly, all the databases need to be merged and duplicate entries needs to be eliminated. Next, merged data needs to be linked properly. The data related to same individual needs to be identified and merged in a new dataset. Different databases collected through various sources consist of several variations of identical names. The identical names may or may not be the same individual. In such cases, the entries are compared on the basis of other fields like their addresses, last name, date of birth, and accordingly similarities are compared. Possible matches are considered and are merged to have in-depth information about the individual.

This whole procedure is time consuming and is involved with risks of mistakes and frauds. The Identity Resolution engine works best in such situations. It can easily compare the similarities of different datasets and organize them properly.

This is nothing but a data management technique designed through software solution. It helps in connecting different data sets those consists of records and data related to individuals. With this engine every record get scanned and identical records are searched  based on the associated information.

This engine works great to uncover the risk, conflicts of interest and frauds. It helps in master data management as well as for customer data integration. The engine works great for insurance fraud detection, terrorist screening, crime detection, and so on.

Features

  • The Identity Resolution combines data from multiple data sets and provide most accurate merged dataset with similar identities.
  • It works in fractions and offer accurate results very quickly
  • Cost effective as it saves great time of the business
  • Highly scalable for big data environments
  • Highly customizable according to the needs of the clients
  • Can be used flexible in different ways
  • Helps in enhancing national security
  • Reduces the frauds
  • Saves valuable time

This data individuality resolution offer great support to the organizations, institutes, businesses and the nation. It helps in reducing fraud, abuse, and waste by detecting the identity-related crimes. It is great for every business size, operating in different areas and fields.