Fraud is a significant challenge for all industries, with U.S. costs estimated in the hundreds of billions of dollars. Historically, efforts undertaken by organizations to deal with the growing fraud problem have generally been business-, agency- or industry-specific. The challenge with this traditional approach is that often fraudsters do not limit their activities to one industry, but exploit loopholes found within or across existing systems.
This white paper presents the concept of sharing data between organizations and industries to address the fraud problem. It discusses current examples of collaboratory efforts, reviews challenges to be overcome with a contributory model and offers a potential framework for effective data and information sharing.
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