From the Office to the Cloud – A tale of transition and transformation
A recent customer success story illustrates the benefits of moving to IQ Cloud, Intech Solutions’ hosted web service for handling large volumes of address validation and geocoding processes.
Companies of all sizes and complexity, both in Australia and internationally, are either getting on board with digital transformation or risking being left behind in an increasingly cloud-focused world.
Intech Solutions delivered such a transformation for one notable client of ours in 2023, who provided some helpful feedback for other organisations considering this move.
The Tiger in the Forest
There’s a well-known saying: “Can’t see the forest for the trees”, the meaning of which is easily understood. That is, if you focus too much on the small details, you won’t see the big picture. It’s a helpful maxim for life and business.
But what if you find yourself in a situation where the tiny details are incredibly important? What if you find your business has become the victim of fraudulent activity?
The nature of fraud is that it is all about deception – hiding wrongdoing in the details of business communications and transactions by someone trying to make illicit financial gains.
Anti-Money Laundering: Beating the Odds with Graph Databases
The thorny issue of money laundering hit the headlines again recently with an announcement from Austrac that it was set to bring court action against SkyCity Entertainment Group after the regulatory agency found “systemic failures” in the casino operator’s approach to anti-money laundering (AML).
Amongst an extensive list of allegations, one key point stood out. Austrac said SkyCity “did not have a transaction monitoring program to monitor transactions and identify suspicious activity that was appropriately risk-based or appropriate to the nature, size, and complexity of SkyCity.”
Digging in the Dirt – Spotting Money Laundering with Graph Databases
In 2020, Australia’s financial crime watchdog AUSTRAC hit the Westpac bank with the biggest penalty in Australia’s corporate history – $1.3 billion – for failing to spot and stop more than 23 million instances of money laundering.
It seems like it would be hard to miss 23 million occurrences of anything – but therein lies the challenge for spotting money laundering in today’s global digital economy.
So, how big is the problem, and what can be done about it?
Getting to ‘True’ with Single Customer View
Let me introduce you to Mr Peter Jones.
According to my customer database, he lives at 16 Cavendish Street in the Sydney suburb of Stanmore. However, I also have a record of a ‘P Jones’, who supposedly lives at 1/6 Cavendish Lane in the Sydney suburb of Enmore.
In my database, I also have a record of a ‘Pete F. Jones’ purchasing one of my company’s products, and another transaction, recorded several months later, where a ‘PF Jones’ orders the same item.
Who are these multiple mysterious ‘Mr Jones’ personages who are apparently residing in close vicinity to one another in the inner-city suburbs of Australia’s largest city, and purchasing similar products from my company?
Would it surprise you to learn that they are actually one and the same person?
Searching for solutions to supply chain disruption? Graph databases may be the answer.
As the global COVID-19 pandemic runs into its third year, you would be hard pressed to find a business or individual that has not been affected in some way by the disruption that the virus has caused to global supply chains.
Now, as the virus continues to evolve and whole countries once again find themselves having to tackle new outbreaks, it’s clear that global supply chains are going to feel the ongoing impacts for a long time yet. For businesses everywhere, finding ways to successfully navigate these unfamiliar seas will be the new normal. ‘Adapt or die’ will be the driving principle.
Conference: Public Sector AI & Data Showcase Showcasing TigerGraph graph database. Hotel Realm, Canberra, Tuesday 7 December 2021.
While online fraud continues to become more sophisticated, so too does the technology to detect it.
Modern day fraudsters and money launderers operate predominantly in the digital world, and for this reason the TigerGraph Graph Database has been designed to provide the deep, ultra-quick analyses of large datasets that is needed for real time fraud detection.
In a world that is doing business online at increasing volumes and speeds, a system that can filter out fraud in real-time will build all the trust you’ll ever need to succeed.
Conference: The Future of Data and Analytics post Covid-19 by Terry Goodman, Founder of Intech Solutions
Correlation tells you how numbers interacted in the past, but it doesn’t tell you the structure of that data. After a shock, the ability for
Managing Risk and Preventing Fraud with Graph Databases by Terry Goodman, Founder of Intech Solutions
While online fraud continues to become more sophisticated, so too does the technology to detect it.
Modern day fraudsters and money launderers operate predominantly in the digital world, and for this reason the TigerGraph Graph Database has been designed to provide the deep, ultra-quick analyses of large datasets that is needed for real time fraud detection.
In a world that is doing business online at increasing volumes and speeds, a system that can filter out fraud in real-time will build all the trust you’ll ever need to succeed.
Australian Taxation Office becomes a TigerGraph customer
TigerGraph, the only scalable graph database for the enterprise, and Intech Solutions, a leading provider of information quality solutions, recently announced a multi-year deal with the Australian Taxation Office (ATO).
A graph database and graph analytics, provided by TigerGraph and implemented by the ATO with support from Intech, will help the ATO detect intricate and multi-layered relationships between individuals and organizations, supporting the ATO’s efforts to reduce tax avoidance.
Video: Graph database analytics for investigations, compliance and fraud detection
Terry Goodman, Managing Director of Intech Solutions, delivered a keynote address on Graph Database analytics at the 7th Annual Australian Government Data Summit – 2021.
Terry included an interesting case study describing the Australian Tax Office (ATO) adoption of the TigerGraph graph database, a modern graph solution winning global applause for its unrivalled speed and scalability. You can view Terry’s full presentation in this blog.
Identity Resolution in Graph Data Techniques for optimising data quality for identity resolution with graph databases
by Terry Goodman, Founder of Intech Solutions
A highly informative presentation that delves into modern techniques for optimising data quality for identity resolution with graph databases.
The content of the presentation includes:
* Introduction and definition
* Graph schema design(s) for identity resolution
* Transforming/parsing data to optimised schema design
* Enhancing data for identity resolution
* Identity resolution algorithms with graph.
The full presentation can be viewed in the attached article.
Event: Connecting the dots with the TigerGraph graph database Reflections on Graph Analytics at the 7th annual Australian Government Data Summit
by Terry Goodman, Founder of Intech Solutions
The data analytics business is all about connecting the dots of particular situations without having to experience them directly.
One of the best ways of achieving this is with extremely fast, highly scalable graph database/analytics platforms.
Gartner estimates that the application of graph processing and graph database management systems will grow at 100 percent annually through 2022, “to continuously accelerate data preparation and enable more complex and adaptive data science.”