|By Business Wire||
|December 4, 2012 09:17 AM EST||
Lavastorm Analytics, a leading global analytics software company, is making it dramatically easier for communications service providers (CSPs) and individual business analysts to implement an automatic, real-time, and integrated fraud risk mitigation solution with its new Lavastorm Fraud Manager system. Lavastorm Fraud Manager, with its new Fraud Management Essentials collection of pre-configured fraud controls and structures, allows CSPs to deploy a fraud management solution with data collection, data analytics, detection, and management capabilities 75 percent faster and at lower cost than traditional fraud management solutions.
Most fraud management systems are delivered as a “blank slate”, requiring that fraud control analytics be built from scratch, or in some cases operate like black boxes and require significant assistance from the manufacturer if modifications are needed. Lavastorm Fraud Manager solves these two challenges with its new Fraud Management Essentials feature and by leveraging the open architecture of the award-winning Lavastorm Analytics Platform.
Fraud Management Essentials is a collection of more than 90 preconfigured fraud rules and alarms, as well as a comprehensive set of pre-defined aggregates, workflows, hotlists, user structures, case management structures, call detail record (CDR) fields, customer details, and profiles that allow a fully-functioning fraud management system to be deployed in a matter of weeks. Fraud Management Essentials’ preconfigured controls and analytics were developed from fraud management best practices and Lavastorm’s years of experience helping dozens of CSPs like Kabel Deutschland and KPN reduce fraud-based risks, and, in some cases, accelerate the detection of fraudulent activity by more than 2000 percent.
After an initial deployment using Fraud Manager Essentials, the Lavastorm Analytics Platform underpinnings of the system allow CSPs to easily continue configuring the system with new fraud controls to meet their unique business needs, and adapt quickly to new fraud types. The Lavastorm Analytics Platform can also be added to CSPs’ existing fraud management solutions (FMS) to provide an exploration and data discovery environment that simplifies investigation of new fraud types and automates analytics performed outside the FMS.
“Fraudsters are highly adaptable and elusive and it’s entirely ineffective to control fraud with a black box FMS based on static rules,” said Drew Rockwell, CEO, Lavastorm Analytics. “Lavastorm Fraud Manager is designed to give fraud managers and analysts comprehensive coverage in a matter of weeks, along with the benefits of retaining complete analytic control over their system to dynamically create new fraud types, continuously monitor activity, and easily adapt to changes in business models and data types. Anyone trying to fight fraud without an open, agile system like Lavastorm Fraud Manager should worry about whether their platform is fit for purpose in one of the fastest changing industries in the world.”
With its Fraud Management Essentials and Lavastorm Analytics Platform core, Lavastorm Fraud Manager is a comprehensive fraud management system that allows CSPs to analyze diverse data, investigate hypotheses to discover new patterns and root causes, identify fraudulent activity in real time, and manage workflows to eliminate threats. In addition to reducing deployment time and cost, Lavastorm Fraud Manager empowers CSPs to realize many important benefits that impact their own and their customers’ security, including:
- Improved reaction time with features like near-real-time monitoring and alarming and hourly call trend analysis.
- Improved fraud detection hit rate and success through customizable early warning rules, and fuzzy matching criteria and special profiles for new subscribers to automatically analyze intricate fraud patterns to uncover and mitigate new and obscure fraud threats.
- Greater investigative powers for analysts with comprehensive views of all relevant data and dynamic query capabilities available from within the case management tools.
- Protection of customers against misuse of their hardware, identity, contractual, and traffic information, such as in the case of theft, loss, or account cloning.
- Tailored fraud-mitigation analytics for the unique needs of mobile and wireline operators and for consumers and business customers.
- Automation of many key fraud monitoring analytic controls to help organizations comply with Sarbanes-Oxley (SOX) regulations.
To learn more about how the Lavastorm Fraud Manager can deliver more value faster than traditional fraud management solutions, speed time-to-action, and improve the accuracy of fraud detection, visit http://www.lavastorm.com/products/lavastorm-fraud-manager. For information on organizations using our fraud solutions, visit http://www.lavastorm.com/knowledge-base/customer-stories.
Individual fraud analysts looking to enhance their daily analytic capabilities can download the completely free Lavastorm Desktop Public version of the award-winning Lavastorm Analytics Platform at http://www.lavastorm.com/desktop-public-request.
Tags: Fraud, fraud management, analytics, data analytics, business intelligence, self service analytics, telecommunications, Lavastorm, free analytic tools, Kabel Deutschland, KPN, fraud analytics
About Lavastorm Analytics
Lavastorm Analytics is a global analytics software company that enables a new, agile way to analyze, optimize, and control data and business processes. The company’s products provide analysts with programming powers previously limited to IT to rapidly unify disparate data, easily construct complex analytics, and effectively deliver actionable insight and results. Analytics built in Lavastorm can easily be deployed as persistent solutions and applications, providing continuous analytic monitoring across multiple systems and complex, data-intensive processes. Lavastorm’s solutions have identified business improvements worth billions of dollars for some of the largest corporations in the world. For more information, please visit: www.lavastorm.com.
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