| Norkom works with leading academics to uncover hidden behavioural patterns in financial data to stem the rising tide of financial crime | | Print | |
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07 December 2009 – Dublin, Ireland
Norkom Technologies, the leading provider of financial crime and compliance software solutions to the global financial services industry, has today announced that it will work alongside leading academic institutes on a targeted research programme to develop next generation techniques for discovering patterns in complex sets of data that will enable financial institutions to identify suspicious or criminal behaviour faster and stop it in its tracks. The collaborative research programme with Clique, a Science Foundation Ireland strategic research cluster, will feed directly into Norkom’s overall research and development (R&D) programme, contributing to the advancement of its enterprise financial crime solutions. “We are delighted to be aligned with such a prestigious research programme as Clique,” says John Keane, Norkom’s Director of Product Management and Engineering. “Leading-edge research forms a critical part of Norkom’s product innovation strategy, which is designed to provide our global client base with industry-leading, best practice solutions to address their financial crime needs”. “By uniting researchers, business experts and technologists, this collaborative research with Norkom Technologies on data patterns, graph and network analysis will help tackle critical questions behind financial fraud,” says UCD’s Professor Pádraig Cunningham, one of the lead researchers at Clique. “The results will mean that financial institutions will be better able to identify and protect against particular elements of fraud and the potential losses incurred.” Today’s announcement is quite timely for the financial services industry. In a recent research report published by Norkom Technologies, three-quarters (71%) of the 250 global financial institutions that participated in the study claimed they have seen fraud attacks against their businesses increase over the last year, with 61% admitting to increased financial losses as a result, and a further 91% expecting it to rise over the coming 12 months. As John Keane explains, “At a time when the industry is just emerging from the impact of a global downturn, with reduced revenues, slashed budgets and increasing levels of fraud, Norkom is seeking to find a more intelligent way to protect financial institutions from the devastating impacts of fraud. Working in collaboration with leading research institutes, we are confident of continuing our track record in finding more efficient and effective ways of indentifying criminal activity and mitigating the resultant losses for financial institutions”. Clique is a Science Foundation Ireland (SFI) funded Strategic Research Cluster focussing on graph and network analysis and visualisation. It works with a range of industrial partners. This particular initiative with Norkom Technologies focuses on financial crime analytics and involves the collaboration of Industry with leading academic partners such as the Complex and Adaptive Systems Lab at University College Dublin (UCD) and DERI at NUI Galway, along with collaborating academics around the world. Ends -
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Norkom Technologies (www.norkom.com) Norkom Technologies (AIM: NORK.L, IEX: NORK.IE) enables financial organisations to take intelligent action, control defences, and evolve strategies against fraud, money laundering, and other types of financial crime. Norkom has established a solid track record of reducing financial losses, protecting users’ reputations, improving operational efficiencies and lowering the cost of information technology. |
New research programme will enhance the protection of financial institutions against spiralling levels of fraud