OVERVIEW: Admiral Framework
Fraud and abuses present a large global problem with an overall cost exceeding trillions of dollars annually. “Flattening of the world”, exponential growth of information technology, ever-changing processes and very competitive landscapes make every company a target for fraudsters.
Admiral Framework is an adaptable cross-industry framework solution, which enables the utilization of state-of-the-art fraud detection and prevention technology combined with modern analytics and advanced fraud handling tools. Additionally, the fraud management dashboard enables companies to always stay on-top of the fraud problem.
Our fraud detection algorithms combine different approaches to fraud and anomaly detection ranging from expert rules, link analysis, intelligent network analysis, statistical approaches, machine learning, data mining, etc. There is no silver bullet in fraud detection, so a clever combination of different models is crucial for success.
Fraud handling might be automatic or manual. Numerous industries (ex. banking and telco) demand real time response and automatic fraud prevention, whereas in other industries (ex. insurance) the investigator is always dealing with potentially fraudulent claims. Our fraud handling tool enables the adaptation of the process to specific industry and organizational needs.
The fraud dashboard enables an effective management of fraud-related activities: from a quick elimination of bottlenecks to an effortlessly reporting of activities to the board and an accurate planning as well as forecasting of fraud team’s activities and results.
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Adaptable cross-industry fraud management framework
Admiral Framework is an adaptable cross-industry framework, which enables organizations from different industries, like public tax administration, telecommunications, banking, retail, e-commerce and others, to effectively and efficiently set-up their fraud management system with different fraud detection capabilities, fraud handling capacities and an effective fraud management dashboard.
Communications Fraud Control Association (CFCA) presented the results of their global Telecom Fraud Survey. CFCA experts estimate 2015 fraud losses at $38.1 billion. “The results of this survey confirm that telecom fraud still remains a lucrative criminal business,” explained Jacob Howell, CCSP, CFCA Board Member and Director of Fraud Management Solutions for TEOCO Corporation.
The European Commission estimates the loss due to tax fraud and tax evasion up to € 1 trillion a year. Illegally deprivation of public budgets of money and the exploitation of the limits of national tax laws represent a huge problem and affects us all.