From the Desk of Servaas
Dear colleagues & business partners
Looking back on 2017, we witnessed massive data-leaks exposing unethical business practices which, I believe, has created many uncertainties to every business and citizen in South Africa.
At EOH Forensic Services, however, we continued to vigorously fight fraud. We managed to prevent more than R300 million in fraud losses for our customers during 2017, and further discovered incurred fraud losses of several millions of Rand. In our continuous drive to reduce fraud related losses in South Africa, we have expanded our service offering in terms of risk management through the introduction of insurance claims adjustment services, the roll out of the first anonymous whistle blowing application on Android & Apple platforms, and the expansion of our integrated risk management solution for SME’s.
We have also partnered with IBM and specifically their Watson Analytics offering which in short provides the benefits of advanced analytics without the complexity of analytics – “Watson is an IBM supercomputer that combines artificial intelligence (AI) and sophisticated analytical software for optimal performance as a ‘question answering’ machine” – (THINKACADAMY 2016).
I am attending an event with some of the world’s foremost analytics and fraud specialists covering the use of cognitive methodologies leveraging IBM’s Watson to improve fraud detection through the use of unstructured data in London towards the end of January 2018. In the interim, a team of EOH-FS certified fraud examiners is piloting the use of IBM’s i2 and Analyst Notebook in fraud investigation. We are extremely excited about these ventures which we believe will go a long way to remove the barriers to entry for insurers, business and particularly, SME’s.
In somewhat difficult financial times we are even more exposed to fraud and corruption over this jovial period ahead, please be mindful of schemes doing the rounds as communicated via our social media platforms.
Finally, I would like to thank you for your support during 2017 and we look forward to our continued efforts to fight fraud in 2018 and beyond. May you all have a joyful festive period with your families and friends.
Servaas du Plessis