Banks and other financial institutions face an ongoing and ever-changing challenge presented by fraudsters who also have devised increasingly sophisticated methods to commit fraud. How to meet this challenge? Many organizations are increasingly turning to data analytics to help devise better methods to prevent and detect fraudulent activities.
At the core of these efforts to develop technology solutions to combat fraud are the skills, experience, and competencies of forensic professionals. By leveraging their diverse skillset—a combination of industry expertise, an understanding of regulatory mandates, and knowledge of fraud and the various schemes devised to commit fraud—forensic professionals help programmers and data scientists devise the rules and algorithms required to detect fraud and, ultimately, the ability to identify and investigate the data anomalies that will result and require further analysis. This article discusses the unique perspective and expertise of the forensic professional and how the forensic competencies inform and enhance the power of data analytic processes.
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