The cost of fraud in the Asia Pacific region has reached almost US$4 per transaction, according to LexisNexis Risk Solutions ‘2021 True Cost of Fraud APAC Study’, and the total projected cost of financial crime compliance within Asia Pacific firms has reached US$12.06 billion as reported by Fenergo.
Investigators are now turning to graph data platforms to detect financial crime. Graph databases store rich connections in the complex networks of people, places, institutions, behaviours, and times. Data is stored as linked nodes and relationships such as “registered at” or “transacted with”.
Read more: https://digitalcfoasia.com/2021/12/24/fighting-financial-crimes-with-graph-data-platform/
Keywords: APAC • financial crime • Financial Fraud Detection • fraud • graph data platform