Issue link: https://maltatoday.uberflip.com/i/265009
48 maltatoday, SUNDAY, 23 FEBRUARY 2014 ANDREA MUSCAT As 2014 kicks off, the technology world is already setting the tone for 'Big Data' being one of the main technology drivers for this year. Ac- cording to a new Forrester Consult- ing whitepaper commissioned by Savvis, 70% of IT decision-makers say big data analytics is or will be a key priority in 2014. Fraud can hit various areas of an organisation, mainly being finan- cial, operational and psychological. While the obvious loss in fraud is the monetary aspect, fraud can have a grave impact on the greater aspect of the organisation. This will lead to a loss in aspects such as goodwill, reputation and customer relation- ships. Fraud can be executed by any employee within the organisation, but also from external sources of the organisation. This leads to the need for an organisation to have an effec- tive fraud management program to protect the organisations reputation and assets. Key decision-makers and high management will be nervously ask- ing the question why their organi- sation should use data analytics to detect fraud. Using data analytics gives auditors and fraud examiners the power to identify if an organiza- tion's internal controls are operating as intended as well as identifying those transactions which indicate fraud or have a high risk of being fraudulent. Such data analytics can be easily applied to any organisation which electronically stores all its transactions. Data analytics can al- low an organisation to detect fraud much before it has done financial damage to the company. The latest and most advanced data analytics software today, can not on- ly help identify fraud before damage occurs, but can also improve an or- ganisation's efficiency when dealing with fraud investigations, making such activities more cost-effective in the long run. Today's technology can also keep up with the latest and most trending fraudulent behaviour, mak- ing sure an organisation is one-step ahead of such fraudsters. Data ana- lytics will also help reduce the rate of false positives and also automate the fraud detection process. Ulti- mately, such technology can check every transaction for fraud while minimising the negative impact of fraud detection on the organisation. Leading software providers in the area of fraud management address fraud in four main ways; Prevention, Detection, Investigation and Moni- toring and Optimisation. Prevention Automated fraud strategies can reduce the difficulty and time when identifying fraud patterns and pre- dicting their impact. Using such automated strategies will reduce an organisations manual effort in fraud detection as well as reducing the amount of false positives. Data ana- lytics can help increase you accu- racy whilst also streamlining fraud detection. Detection Many times fraud is detected af- ter the transaction is completed. However, with the latest in-memory database technology available, de- tection can be done at a high speed, at any point in time on any transac- tion. This gives the organisation the upper hand in fraud detection. De- tection can also be based on defined detection patterns to prevent fraud which is pattern based. Investigation Time and energy must be invested where it will count. Reviewing high- value cases will increase ROI. Being able to extract information on de- mand and making use of alert will help the organisation process cases much quicker and much more cost- effectively. Interactive investigations and on demand detection patterns are also possible using in-memory database technology. Monitoring and Optimisation BI tools can help improve con- trol and increase performance effi- ciency. Accurate reports, which are consistent and transparent can help make more informed decisions. Real time monitoring using KPI's and dashboards can help organisations react quickly to changing fraud be- haviours, while being able to resolve cases quicker and more efficiently. Leading software providers such as SAP offer numerous tools and services to help counteract fraud. Such tools and services help detect, investigate, analyse and prevent ir- regularities even in big data environ- ments. With the help of experienced consultants, organisations can com- bine their own rules with advanced predictive methods to create their own strategies how to alert when fraud is detected. Andrea Muscat is the Business De- velopment Executive for Alert Solu- tions. Alert Solutions is the only VAR (Value Added Resellers) of SAP in Malta. Alert Solutions' subsidiary, Alert Solutions MENA FZE, is also a SAP GOLD VAR in the MENA re- gion Information Technology Using big data analytics to detect fraud A new concept café, Chocafe will be opening its doors at SmartCity Malta in the first week of April. Chocafe will comprise of an 88- cover cafeteria with an outside terrace overlooking the panoramic Laguna Walk at SmartCity Malta. As the name implies, the con- cept behind Chocafe is simple and bold, and is inspired by fine coffee beans and high-quality chocolate. In fact, the café has signed agree- ments with some of the best Italian suppliers like Caffè Moak, whose passion is ref lected in a great va- riety of blends that satisfy every palate, from those who prefer more aromatic and delicate f lavours, to those who love very creamy coffee. Furthermore, Chocafe has part- nered up with an artisan ice-cream producer from Reggio Emilia, to supply them with not only their best products, but to also assist them with Chocafe's continuously improved menu and service. Keith Pillow and Stefania Mer- cieca from Daaa Haus helped bring Chocafe to life. The café is set to have modern wooden designer chairs and pendants, and thematic wallpaper which will wonderfully complement the hues of browns and gold of the wall cladding. Chic tables in the style of chocolate cubes and a pleasant ambience, will ensure customers feel at ease while they sip on a frothy cup of cappuc- cino or enjoy a scrumptious slice of Chocafe's specialty home-made cakes. Thanks to their tea-time boxes and wide variety of salads, Chocafe will also cater for busy in- dividuals who can order their meal and get it delivered to their office nearby at SmartCity Malta. These will include an assortment of healthy, home-made sandwiches, cookies and brownies. Chocafe's owner, Dunstan Mus- cat will be overseeing the café's operations and will be making sure all visitors have a charming experi- ence. Speaking about the opening of Chocafe, Muscat said: "Chocafe will offer people a range of healthy and home-made meals and des- serts. It is important for us to know that our clients can visit our café and feel at home, which is why we will also be catering for several di- etary needs including, gluten-free and vegetarian options." "SmartCity Malta was the obvi- ous choice for Chocafe's location, mainly because of the inaugu- ration of the Laguna Walk this Spring, which is set to become the ideal destination for families to spend quality time on the island. The scenic terraced rooftops over- looking the lagoon and the prom- enade will provide a much sought- after alfresco, leisure and dining centre for all Maltese families all week round, and we want to be a part of it." Chocafe to open at SmartCity Malta Key decision-makers and high management will be nervously asking the question why their organisation should use data analytics to detect fraud