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Fraud detection is a major concern in the business world, but the statistics can be discouraging. Internal audits only manage to detect approximately 15% of fraud, while external audits have an even lower detection rate of around 4%. How can companies improve fraud detection and reduce financial risk? The answer lies in automation and machine learning, and Alteryx Machine Learning offers an effective solution.
Pain in Industry and financial departments
One of the most pressing concerns in industry is the inability to detect fraud effectively. This is often due to a failure to follow proper processes to identify key indicators of fraudulent activity. In addition, these tasks are often manual and time-consuming, making it difficult to identify irregularities in financial reporting.
Benefits of Machine Learning
The application of machine learning in fraud detection can make a big difference. With this technology, it is possible to build models that identify and report discrepancies in reporting, while flagging potential fraud cases. In addition, with automatic machine learning (AutoML), time is saved by eliminating the need to review reports thoroughly.
Alteryx Machine Learning: accessible to all
One of the key benefits of Alteryx Machine Learning is its accessibility. You no longer need to be an expert in data science or programming to use this platform. Anyone can build machine learning models that help identify suspicious activity using this fully guided platform without the need to write code.
Key Features:
•Automated analytics and machine learning processes: Alteryx Machine Learning automates much of the process, saving time and resources. •Integrated libraries: The platform includes pre-built libraries that accelerate analysis and allow users to realise their full potential. •Accurate suspicious activity detection models: Alteryx technology enables the creation of models that accurately detect and highlight suspicious activity in financial reports.
In short, improving fraud detection is essential for any business seeking to protect its finances and reputation. Failure to detect fraud effectively can have a significant impact on financial results. Machine learning offers an effective solution by enabling the building of models that identify irregularities in reporting and flag potential fraud.
Alteryx Machine Learning facilitates this process by making machine learning technology accessible to anyone, regardless of technical expertise.
Access to accurate suspicious activity detection models is critical to protecting a company's finances and making sound financial decisions. Alteryx Machine Learning offers a solution that democratises machine learning and makes fraud detection accessible to everyone.
Rights: Alteryx