Esri UK, a provider of geographic information system technology, has introduced FraudAnalyst software to help insurance and banking firms to fight against fraud.
The advanced technology of the FraudAnalyst provides new insights into potentially bogus insurance claims, ID theft or mortgage and credit card fraud.
The FraudAnalyst solution is designed to alert insurance investigators to road junctions or roundabouts where accidents are being deliberately staged, by identifying abnormal or above average clusters of behavior.
Esri UK said the FraudAnalyst software can also be used by banks to analyse the sequence of when a stolen or cloned credit card is used to help locate the offender.
Esri UK product manager Simon Weaver said using geographic analysis to analyse claims unlocks new trends and insights investigators would not normally see, when looking at traditional data hidden in spreadsheets or databases.
"With ‘cash for crash’ claims standing at GBP350m alone, FraudAnalyst’s spatial intelligence will help cut these significant losses, along with many others," Weaver said.
The new fraud software is based on the analysis engine that underpins Esri’s CrimeAnalyst product, used by police forces across the UK and in more than 25 countries.