ZyLAB Launches Fraud Prevention and Detection Program for Big Data

MCLEAN, Va. - Oct. 18, 2013 - PRLog -- The new program combines components of the ZyLAB eDiscovery and Information Risk Management Platform with best practice templates, implementation guidelines and customizable, multilingual libraries to detect and prevent fraud.

The ZyLAB Fraud Prevention and Detection Program has been developed to support commercial organizations that conduct internal investigations on their Big Data collections to prevent and detect fraud as early as possible to mitigate risk and costs, protect the corporate reputation and address compliance expectations.


Early detection and prevention of fraud
The ZyLAB Fraud Prevention and Detection Program for Big Data consists of advanced data analysis and processing technology in combination with best-practices methods to recognize lexical, syntactic and semantic patterns that indicate possible fraudulent activities in almost any kind of data, regardless of location or language.

Johannes Scholtes, Chief Strategy Officer of ZyLAB: “In most investigations a lot of information is gathered that needs to be researched, extracted and presented in a transparent structure so the results of the investigation can be used by the different investigative parties. In large fraud and financial investigations, these investigations will focus on financial practices, but the focus in all cases will be on finding complex and often hidden transactions and code words that are used to hide these actions.”

In addition to the library containing best practice methodology for eDiscovery, ZyLAB’s Fraud Prevention and Detection Program includes a self-installable, customizable library that has decades of  content and algorithms to automatically identify these potential fraudulent activities. The library is available as an add-on to the ZyLAB platform.

Proven in the largest fraud and criminal investigations
ZyLAB software and services have been proven in the largest and most notorious corporate fraud and war criminal investigations in the world. The FBI used ZyLAB for the massive Enron investigation and the United Nations has standardized on ZyLAB technology for its War Crime Tribunals. The same technology that consistently provides the electronic evidence foundation for criminal convictions can be applied to address the challenges of commercial internal or criminal investigations and regulatory probes.

ZyLAB provides the technology to analyze data in more than a thousand electronic formats, including audio and pictures, from more than 200 different location types, including popular cloud and social media formats such as Microsoft 365, Google Docs, and many more. Potential fraud can be recognized in more than 450 languages, not only on a lexical (word) level, but also by including syntactic and semantic analysis.