Norkom & Clique Link to Cut Crime

Norkom links with  UCD's Clique Research Cluster  to Identify Financial Fraud  By Analysing Data and Network Patterns

With fraud increasing, financial software specialist Norkom, has linked up with leading academics around  the world through the UCD- based Clique Research Cluster to find new ways to improve the pinpointing of financial fraud.

Norkom has engaged on a targeted research programme with leading Irish academic institutes to develop next generation techniques to help financial institutions identify suspicious or criminal behaviour faster and stop it in its tracks. This research will be a cornerstone of Norkom's overall R&D programme and advance its enterprise financial crime solutions.

The  announcement comes as  a recent research report by Norkom  shows that  three-quarters (71%) of the 250 global financial institutions it studied claimed they had 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 fraud  to rise over the coming 12 months.

John Keane, Norkom's Director of Product Management and Engineering  (pictured) said: "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".

"We are delighted to be aligned with such a prestigious research programme as Clique. 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," said Keane.

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 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.

UCD's Professor Pádraig Cunningham, a lead researcher at Clique said: "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,

"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," said Cunningham.

The research with Clique, will feed directly into Norkom's overall research and development   and its enterprise financial crime solutions.

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