Hiflylabs combines its extensive fraud domain knowledge with cutting-edge data analytics technologies to detect fraudulent transactions in a variety of areas. The fraud analytics processes include the acquisition and storage of relevant data and the analysis of it for patterns, that points to possible fraudulent activities with the help of anomaly detection, link analysis techniques etc. These findings then are turned into insights that allow the clients to deal with the potential fraud risks and create an environment that can proactively detect and prevent fraudulent activities from happening.
Energy theft is a massive problem for utilities all over the world. Hiflylabs helps its clients in the utility sector to uncover anomalies that might point to suspicious energy usage, and then identify and respond to fraudulent activities.
Fraud and corruption in the supply chain are common globally. There are many opportunities for the parties involved in the supply chain to commit procurement fraud. Hiflylabs has proven the ability to identify those points in the procurement process, explore the hidden network connections between parties and implement the necessary controls to reduce fraud.
Fraudulent insurance claims have a significant impact on insurance companies. Up to 20 percent of all claims may be fraudulent. Fraud losses can undermine insurers financially, and their customers may see their insurance premium costs rising. Hiflylabs can answer these questions in the insurance sector to uncover and respond to fraudulent activities.