Big data is behind IBM’s new services to help businesses deal with financial losses due to fraud.
The tech giant claimed its new software will detect tax evasion, money laundering and cyber attacks, in addition to internal company threats after estimating such threats cost $3.5 trillion a year in lost trade.
The services will use tactics used by law enforcement agencies and will leverage technologies from recent acquisitions, such as Cognos, i2, SPSS, Q1 Labs, Trusteer and SoftLayer.
Its counter fraud solutions VP, Robert Griffin, said: "Our new initiative puts big data and analytics into the hands of those tasked with defending their organisations from financial losses, protecting the brand and delivering exceptional customer service.
"These technologies allow line of business leaders to quickly adapt to emerging threats across the entire organisation."
The new software and services include counter fraud management software and are offered on the cloud through Softlayer, targeting medical fraud, insurance claim fraud and public tax fraud.
