In today’s digitalized world, most crimes are connected to the internet in one way or another. This is especially true when it comes to financial fraud, a crime which is largely carried out online. By focusing more resources on online investigations, not only can companies detect more fraud and prevent it before it happens, they can also save loads of time and money.

Given the fact that we’re sharing more information online than ever before, the internet has become a treasure trove of useful information. That’s why searching and collecting open-source intelligence (OSINT) is rapidly becoming more commonplace for all types of businesses. Simply put, open-source intelligence is information collected from public sources on the internet. The source can be anything from a website or blog, to a Facebook or YouTube account.

The procedure for these sorts of online investigations is simple: first, you identify the subject of your investigation. Then, you go online and search for information. However, the actual task of sorting and analyzing information from every relevant source, quickly becomes a time-consuming and laborious process. Without any guidance or the right set of tools, what many end up with is a pile of information they don’t know how to structure or secure.

This is probably the main reason why there are still so many companies that haven’t implemented open-source investigations as a standard part of their work process. However, it is gaining ground. Our experience is that the majority of companies understand the importance of online research, but are simply too overwhelmed by the process and resources required to make it happen.

Tests performed on insurance companies in Denmark revealed a savings of 1,2 million USD over a period of six months (…)

With a plan in place, and a tool to help structure and secure collected information in a way that makes it useful, businesses can actually save time and money. In fact, tests performed on insurance companies in Denmark revealed a savings of 1,2 million USD over a period of just six months, thanks to their proactive investigation of different sources. Former detective inspector, and subsequent insurance claims fraud investigator, Lars Torp, is among the investigators who are now working with open-source intelligence on a daily basis:

“Open-source intelligence not only provides hard evidence in fraud cases, it can also provide a place and a time to locate a subject for further investigation. Which is exactly how online research at the beginning of an investigation can save investigators a huge amount of time and resources. It’s all about using any intelligence found on the internet to assist and streamline traditional investigation work, and then combining the two methods to build up a comprehensive picture.”

So, rather than spending several days physically observing a subject, for example, companies can achieve the same results through just a few hours of online research. A far less painful process that allows them to quickly resolve cases while minimizing the big picture financial consequences for both their business and the general public. This makes open-source intelligence a powerful weapon for combating fraud.