Tax fraud poses a significant challenge for governments and organisations worldwide, resulting in revenue loss, economic instability, and erosion of public trust. Traditional methods of combating tax fraud often fall short due to fraudulent schemes’ complex and constantly evolving nature. These schemes often involve complex networks of entities, transactions, and false documentation, which Relational databases struggle to handle.
Just a couple of days ago, we hosted a Fraud Detection webinar. We chose to focus on credit card fraud to illustrate how Hume can help detect fraud faster. Our Director of Product, Esther Bergmark walked you through an example of a credit card company investigator looking into suspicious, fraudulent developments. Let me share what we covered at the webinar.