Excuse me, do you speak fraud? Network graph analysis for fraud detection and mitigation

Network analysis offers a new set of techniques to tackle the persistent and growing problem of complex fraud. Network analysis supplements traditional techniques by providing a mechanism to bridge investigative and analytics methods. Beyond base visualization, network analysis provides a standardized platform for complex fraud pattern storage and retrieval, pattern discovery and detection, statistical analysis, and risk scoring. This article gives an overview of the main challenges and demonstrates a promising approach using a hands-on example. With swelling globalization, advanced digital communication technology, and international financial deregulation, fraud investigators face a daunting battle against increasingly sophisticated fraudsters.