Your enemies use GenAI too - staying ahead of fraud with Neo4j

Delivered by Michael Down at Gartner Data & Analytics Summit London 2024 - Your enemies use GenAI too: Staying ahead of fraud with Neo4j.
Fraudsters exploit the latest technologies like generative AI to stay undetected. Static applications can’t adapt quickly enough. Learn why you should build flexible fraud detection apps on Neo4j’s native graph database combined with advanced data science algorithms. Uncover complex fraud patterns in real-time and shut down schemes before they cause damage.

1. Your Enemies Use GenAI Too! Staying Ahead of Fraud with Neo4j

2. ‹#› Fraud Losses are Skyrocketing Fraud is expected to surge 20% annually in coming years 1 $42B L ost to fraud globally in 2022 2 Neo4j Inc. All rights reserved 2024 1. Experian Research: Identity Theft Is on the Rise, Both in Incidents and Losses 2. PwC’s Global Economic Crime and Fraud Survey 3. BioCatch: 2023 APAC Digital Banking Fraud Trends Report 4. WalletHub: Credit Card Fraud Statistics A dditional costs for each dollar of credit card fraud losses 4 $3.75 200% S urge in voice scams from 2022 to 2023 3

3. ‹#› A.I. is About to Supercharge Financial Fraud a nd make it much harder to spot Beware Of FraudGPT, The Rogue AI Chatbot Deepfake Imposter Scams A re Driving a New Wave of Fraud Financial firms must boost protections against AI scams, UK regulator to warn I Cloned Myself With AI. She Fooled My Bank and My Family Criminals Have Created Their Own ChatGPT Clones Neo4j Inc. All rights reserved 2024

4. Neo4j Inc. All rights reserved 2024 ‹#› Fraud Frontiers: Examples Push Payment Fraud Credit Fraud Insurance Claims Fraud Digital Wallet or Retail Fraud Supply Chain Fraud, Procurement Fraud Internal Fraud Checks Pandemic Fraud/Medical Insurance Fraud Tax Fraud/ Criminal Investigation Many Others

5. ‹#› Neo4j Inc. All rights reserved 2024 Criminals exploit vulnerabilities in real-time by rapidly adopting new technologies like AI, while enterprises struggle to adapt due to legacy systems and data silos , taking weeks or months to detect new fraud schemes. Why Fraudsters Have the Upper Hand

6. ‹#› Existing Systems Fall Short Inability to Uncover Complex Fraud Patterns Difficult to Adapt to Evolving Threats Neo4j Inc. All rights reserved 2024 Can’t Scale to Deliver Rapid Analysis Analyzing data without relationships doesn’t work Pathfinding and entity resolution need specific algorithms Identifying complex, cross-entity fraud becomes difficult or impossible Finding recursive fraud patterns doesn’t scale Fraud evades detection because queries take too long Hard to connect disparate data sets without refactoring the whole database Coding fraud patterns in SQL is time-consuming and results in brittle queries

7. ‹#› Neo4j Inc. All rights reserved 2024 Neo4j Graph Database and Analytics

8. ‹#› Neo4j Inc. All rights reserved 2024 Data to Knowledge           Knowledge graphs provide deep, dynamic context. Connecting data adds context and improves outcomes. Connecting data adds context and improves outcomes.

9. Identify suspicious activity quickly and accurately with pattern matching Scale with any cloud and speed up fraud detection and investigation ‹#› Build Powerful Fraud Applications to Uncover H idden Patterns Improve and evolve fraud applications with a developer-friendly schema

10. ‹#› Identify Suspicious Activity Quickly and Accurately Discover and investigate hard-to-find fraud quickly with pattern matching Find fraud patterns 1000x faster than relational databases Expose intermediaries and find fake profiles through pathfinding and entity resolution Neo4j Inc. All rights reserved 2024

11. ‹#› Improve and Evolve Fraud Applications Reduce exposure to fraud by linking disparate and disconnected data sets Stay ahead of fraudsters by detecting new or emerging fraud patterns quickly Enable wider and easier use of data by connecting siloed data into an intuitive data model Neo4j Inc. All rights reserved 2024

12. ‹#› Scale with any Cloud and Speed up Fraud Detection and Investigation Deploy your applications anywhere Find fraud in ever-larger data sets and scale up number of users and concurrent transactions Integrate with your existing enterprise ecosystem Neo4j Inc. All rights reserved 202 4

13. Flexible Cloud Deployment Models Fully-managed SaaS Consumption- based pricing For private and hybrid cloud, or on-prem White-glove managed service by Neo4j experts ‹#› Neo4j Inc. All rights reserved 2024 Self-Hosted Cloud Managed Services Graph-as-a-Service Cloud-native Self-service deployment Fully customizable deployment model and service levels Operate In own data centers or Virtual Private Cloud Bring your own license Full control of your environment Run in any cloud, in your account

14. Neo4j Inc. All rights reserved 202 4 ‹#› TODO1 Increases Fraud Detection by 200% with Neo4j Impact Using Neo4j, TODO1's iuviPROFILER increased fraud detection by 200% while maintaining the same false positive rate. Challenge Latin America's rapidly growing digital banks must instantly assess transaction risks to maintain seamless user experiences, but traditional databases are inadequate for real-time detection. Solution TODO1 created iuviPROFILER, using Neo4j, to efficiently process data and assess risk, enabling banks to securely conduct transactions with minimal friction, even during peak demand times. iuviPROFILER’s Graph by the Numbers – 250 million nodes – 2.2 billion relationships Graph Performance by the Numbers – >500 transactions per second – 100 milliseconds per query For the same false positive rate, we’re able to achieve twice the detection rate.’ he said. ‘And that in the end is less friction for the customer, less losses for the bank, and a better feeling in terms of protection for their customers. Edgar Osuna Chief Data and Analytics Officer “ “ Read the full customer story on Neo4j.com

15. Neo4j Inc. All rights reserved 2024 ‹#› Banking & Financial Services Technology Telecommunications Energy E-Commerce Health & Life Sciences 1,700+ Organizations Use Neo4j

16. Neo4j Inc. All rights reserved 2024 ‹#› Summary Identify suspicious activity quickly and accurately with pattern matching Scale with any cloud and speed up fraud detection and investigation Improve and evolve fraud applications with a developer-friendly schema

17. [email protected] Neo4j Inc. All rights reserved 2024 ‹#› Thank you! Come learn more at booth #324 John “Steggy” Stegeman | Product Specialist, Neo4j