According to The Economist Feb 25th 2010, article headlined The Data Deluge, using data mining techniques credit-card companies lead the way to identify such things as fraudulent activity.
Using data this way Insurance firms too are more able to spot the scams. For example accident claims on a Monday are more likely to be staged as such claimants tend to assemble friends as false witnesses over a weekend.
To do this rules based data crouching thru millions of transactions lets them see which cards that are likely to be stolen, and which claims that are likely to be dodgy.
This report in its full context is about the unchecked data explosion occurring
It reports on its value and use to include benefits of data mining, also known as business intelligence, and the risks to both business and personal information.
It is well worth a read…… “The Data Deluge”
Thanks to Steve Bennet at oz-analytics for alerted us to this.
