Artificial Intelligence

What is Cognitive Computing?

Since the dawn of computing, artificial intelligence has long been a distant goal, and innovative cognitive computing systems have moved us closer to achieving that goal every day.

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Founded on the primary notion of imitating human reasoning and derived from a mix of cognitive research, the idea of cognitive computing, as well as its uses, will undoubtedly have far-reaching implications

Founded on the primary notion of imitating human reasoning and derived from a mix of cognitive research, the idea of cognitive computing, as well as its uses, will undoubtedly have far-reaching implications not just in our personal lives but also in businesses such as healthcare, banking, insurance, and more. Cognitive technology’s benefits go much beyond those of traditional AI. 

Cognitive computing is an area of artificial intelligence that uses self-learning algorithms to replicate human cognition in machines via natural language processing, pattern recognition, and data mining.

While artificial intelligence’s primary use case is to execute the optimal algorithm to solve a problem, cognitive computing takes it a step further by analyzing several aspects to replicate human wisdom and intelligence.

Different Types of Cognitive Computing

  • Interactive: Cognitive machines rely heavily on human-computer interaction. Users engage with cognitive algorithms and establish parameters, which vary over time. Other gadgets, cloud platforms, and processors are all interacting with the technology.

  • Contextual: Contextual data like domain, time, requirements, location, or user information must be identified, understood, and mined by cognitive computing systems. They may use a variety of data sources, such as aural, optical, and sensor data, along with structured and unstructured data.

  • Adaptive: Cognitive systems must be able to cope with a constant stream of new data and information to achieve a shifting set of objectives. The systems analyze volatile data in real-time and adapt to the environment and surrounding data requirements.

  • Iterative: If a preset inquiry is imprecise or unclear, cognitive computing systems identify difficulties by providing inquiries or bringing in additional data. This is made feasible by technology, which stores information about linked occurrences and probable scenarios.

How Cognitive Computing Is Shaping How We Develop Software

Cognitive computing employs technologies such as machine learning and signal processing to make human interaction easier. Consider the last time you interacted with a customer service bot or used a personal virtual assistant such as Siri or Alexa to perform a task. Although they are helpful, pre-programmed answers frequently limit interaction.

The subject of cognitive computing, on the other hand, is rapidly evolving, with innovative uses in business, healthcare, and even education. Cognitive computing has also emerged in the field of internal fraud detection and fraud prevention, with Valire Software being an exclusive provider.


Why Is Human Logic So Important in Fraud Detection?

The old way of identifying fraud was to utilize computers to examine structured data within an organization and compare it to rule sets. By adding human logic to raw data, we can take advantage of natural processing and real-time computing to forecast fraud in a high number of transactions without the risk of human error.

Valire has the following dashboards and reporting features:

Real-Time Alerts

Adjustable Risk Scoring

Single Case Drilldown

Data Analysis Dashboard

Our Approach

Accurate data: It empowers analysts with data and insights, allowing them to work faster correctly, minimizing the time needed for manual evaluation.

Fewer missed fraud activities: Due to the accuracy of cognitive computing, there will be fewer fraud actions that go unnoticed as well as a significant reduction of ‘false positives’.

More efficient: Your team will be less stressed and more efficient if corporate fraud detection cognitive computing is implemented into your operations. Deployment typically takes 4 to 8 weeks.

“…Due to the accuracy of cognitive computing, fewer fraud actions that go unnoticed as well as A significant reduction of ‘False Positives’.”

“…Our high security standard covers regular security audits, upstream firewalls, and other best practices in all data security elements.”

Less need for administrative intervention: Since cognitive computing involves machine learning, managerial involvement will be less necessary.

Security: Data security is a top priority for Valire software. Our high-security standard covers regular security audits, upstream firewalls, and other best practices in all data security elements.

Streamlined processes: Cognitive computing boosts productivity by speeding up decision-making, allowing businesses to cut costs even more and give a superior customer experience.

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Use Cases in Fraud Detection

Language recognition: Natural Language Processing allows machines to automatically read, interpret, and deduce information from human languages. The sheer volume of data makes it impossible for human agents to evaluate everything manually. Natural language processing can help in this situation.

Risk assessment: When applied to large data sets, cognitive computing can assist firms in processing information faster and making better business decisions. Furthermore, cognitive computing is being more widely applied in the field of risk management, where it is used to mine frequently confusing and unclear data to uncover signs of known and unknown threats.

Predictive analysis: When it comes to processing massive datasets, machines outperform humans. Rather than a handful of patterns recorded by setting the rules, they can identify and recognize hundreds of patterns in a user’s purchasing experience. By adding cognitive computing technologies to raw data for user behavior analytics, we can forecast fraud in a considerable number of transactions.

hands free for internal fraud detection icon and cognitive computing icon

How Valire Software works

At Valire, we use cognition-guided AI context detectors to constantly monitor corporate IT systems, authenticate particular activities as part of the overall business process, and detect occurrences matching our own database of fraud scenarios.

Here’s our step-by-step process to achieve this:

  1. Utilize our exclusive database of fraud scenarios to examine historical data.
  2. Any activity or update to the system will be constantly monitored in real-time.
  3. Assign each event to the appropriate business process.
  4. Check each business process against Valire’s fraud scenarios database.
  5. Real-time, actionable notifications of events related to fraud situations are provided.

To learn more about how cognitive computing can help you with Internal fraud detection, contact Valire Software today!

With Valire Software, you can take advantage of the following:

  • On-premises or on-cloud deployment
  • Demonstration of Concept using Historical Data, as well as Proof of Value for ROI analysis
  • Configuration and tweaking to the client’s specific business processes and needs in a matter of days.
  • Pre-configured fraud scenarios in an out-of-the-box library
  • Dashboards that are interactive and intuitive for better reporting and judgment
  • Regular fine-tuning of system parameters in response to false positives
  • Software-as-a-service (SaaS) approach with continuing support and updates

Contact Valire Software today to get started on a journey to protecting your New York business from intrusion and fraud. Valire Software offers a cloud-based, easy to use intrusion detection system and fraud detection solution. 

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