20240013224. SYSTEM AND METHOD FOR FINANCIAL FRAUD AND ANALYSIS simplified abstract (Unknown Organization)

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SYSTEM AND METHOD FOR FINANCIAL FRAUD AND ANALYSIS

Organization Name

Unknown Organization

Inventor(s)

Nitin Kumar Goel of Harrow (GB)

SYSTEM AND METHOD FOR FINANCIAL FRAUD AND ANALYSIS - A simplified explanation of the abstract

This abstract first appeared for US patent application 20240013224 titled 'SYSTEM AND METHOD FOR FINANCIAL FRAUD AND ANALYSIS

Simplified Explanation

The patent application describes a system and method for financial fraud detection and analysis. Here is a simplified explanation of the abstract:

  • The system consists of several subsystems that work together to detect and analyze financial fraud.
  • The financial claim data processing subsystem processes data related to a financial claim.
  • The financial feature selection subsystem selects relevant financial features from the processed data.
  • The financial claim fraud detection subsystem examines the selected features and predicts if the financial claim is fraudulent.
  • The outlier fraud detection subsystem uses unsupervised machine learning to detect any outlier fraud.
  • The financial claim fraud analysis subsystem analyzes the predicted fraud and detected outlier fraud based on predefined fraud analysis rules.
  • The fraud amount prediction subsystem predicts the amount of fraud analyzed by the financial claim fraud analysis subsystem.

Potential applications of this technology:

  • Financial institutions can use this system to detect and prevent fraudulent financial claims.
  • Insurance companies can utilize this system to identify and analyze fraudulent claims.
  • Government agencies can employ this system to detect and investigate financial fraud cases.

Problems solved by this technology:

  • This system helps in identifying and preventing financial fraud, which can save organizations from financial losses.
  • It automates the fraud detection and analysis process, making it more efficient and accurate.
  • It can detect both common fraud patterns and outlier fraud, improving the overall fraud detection capabilities.

Benefits of this technology:

  • Improved fraud detection accuracy leads to reduced financial losses for organizations.
  • Automated fraud detection and analysis save time and resources.
  • The system can adapt to new fraud patterns and continuously improve its detection capabilities.


Original Abstract Submitted

a system and method for financial fraud and analysis is disclosed. the system includes a financial claim data processing subsystem configured to process data associated with a financial claim, a financial feature selection subsystem configured to select one or more financial features from processed data, a financial claim fraud detection subsystem configured to examine one or more values representative of the one or more financial features selected and predict a financial claim fraud, an outlier fraud detection subsystem configured to detect at least one outlier fraud using an unsupervised machine learning technique, a financial claim fraud analysis subsystem configured to analyze the financial claim fraud predicted and the at least one outlier fraud detected based on a predefined set of fraud analysis rules, a fraud amount prediction subsystem configured to predict an amount of fraud analyzed by the financial claim fraud analysis subsystem.

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