Fraud Investigations & the Future

  • Reduced exposure to fraudulent activities
  • Reduced costs associated with fraud
  • Exposing vulnerable employees at risk of fraud
  • Improves the results of the organization
  • Trust and confidence of the shareholders and customers

Benefits of Fraud Analytics

Sampling

Ad-Hoc

Repetitive or Continuous Analysis

Analytics Techniques

  • Calculate statistical parameters to find out values that exceed averages of standard deviation.
  • Look at high and low values and find out the anomalies there. Such anomalies are often indicators of fraud
  • Classify the data — group your data and transactions based on specific factors like geographical area.

Benford’s Law

Implementing Data Analytics for Fraud Detection

Perform SWOT

Build a dedicated fraud management team

Build or buy option

Clean data

Setting the threshold

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