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+ - How Big Data is catching cybercriminals before they attack this Tax Season->

Submitted by BlackSwansMedia
BlackSwansMedia (2792757) writes "How Big Data is catching cybercriminals before they attack this Tax Season

Filing tax refunds online is becoming almost mandatory for taxpayers nowadays; however, with this convenience comes an estimated $21B in tax fraud over the next five years. Other estimates are more alarming with experts now saying that almost " $20B of revenue related to fraudulent returns" in the first ten months of 2012 alone.

Using pattern matching and other complex queries in Big Data analytics, fraudsters are now more easily identified. Without it, investigators would be hard pressed to detect theft, let alone find it quickly — which is key, once the refund processed by the IRS and paid electronically it is almost impossible to recoup the loss that single household receiving fraudulent tax refunds, let alone quickly. As manpower to investigate fraud does not keep up with the increased crime that the IRS is experiencing in record numbers.

Big Data finds that needle in the haystack swiftly and prevents big fraud. Investigators found one residential address in Lansing, Michigan that was the source of an eye-popping 2,137 tax returns, and to which the IRS directed more than $3.3 million in fraudulent refunds.

For over a decade Lexis Nexis Risk Solutions' HPCC Systems technology has been protecting identity for government and industry, thwarting fraud schemes. I would like to talk to you more with HPCC architect Jo Pritchard who can discuss how Big Data and LexisNexis are putting an end to fraud.

Learn more: http://strata.oreilly.com/2013/02/tax-season-your-identity-bucket-loads-of-easy-money-for-fraudsters.html"

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How Big Data is catching cybercriminals before they attack this Tax Season

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