Amir Weinberg is the CEO of Valire Software, an innovative software company that specializes in anti-fraud technology. He talks to host Vince Walden about his company’s origin, and their cognitive fraud detection software.
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Origin of Valire Software
Amir has a background in software testing, having founded two successful companies before Valire. He saw the need for forensic technology that was efficient and affordable. The opportunity to commit fraud within an enterprise is prevalent, he says. Valire Software was Amir’s response to this unmet market need. They focus on queue to pay, order to cash and Human Resources fraud schemes.
Cognitive Fraud Detection
Vince asks Amir to describe cognitive fraud detection. Amir responds that the idea is to adopt the machine learning cycle where you base your conclusion on the data findings, and still use human knowledge to determine what makes sense. Valire Software applies machine learning in a mission learning environment in order to improve the detection and recovery of funds. He gives two examples of how his company thwarted fraud schemes and recovered millions in cash.
What Compliance Professionals Should Know
If you are thinking about using Data Analytics in your business, Amir says that you should know how to extract and access data and incorporate it into your system. Then you need to be able to learn from the data, based on the common patterns and specific needs of your company. Vince adds that there’s no one-size-fits-all solution across the industry. There’s no magic bullet, he says. Flexibility is key.