Tuesday, 3 January 2017

How can Big Data Analytics help trace black money and end corruption?

Big Data Analytics for Tracing Black Money and Fake currency


Those who want to break the law will always find ways and means to do it and today with digital technology, things have become easier for counterfeiters. Several Chinese companies and D-Company were involved in printing counterfeits using modern reprographic technologies

A Chinese company was officially printing the currency for the Maoist Government of Nepal. Fake notes played a major role during the last Bihar assembly election, the state that borders Nepal. The main reason for the Naxal menace in the red corridor was the proliferation of fake currencies coming from China through Nepal

After demonetisation, the banks had received more than 90% of the scrapped currency. But even bank officials are not sure about the number fake currencies in the deposit base. It is not easy to differentiate between counterfeit and original

As a post mortem analysis, the banks must trace the amount of invalid currency by creating a repository of serial numbers. For this all notes has to be scanned its serial numbers recorded in a Computer

Cash counting and currency detection machines available in banks, shops etc. can be equipped with Optical Character Reading (OCR) sensors to detect and store the serial numbers of the currency notes that run through them. This will create extremely high volumes of data that can be stored in a BIG DATA computer system

Data Analytics software can be used to provide insights like

  • Duplicate serial numbers. If 5 notes are having the same serial number then only one can be original
  • Invalid serial number
  • Geographical locations
  • Continuous serial numbers