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Fraud Analytics

Fraud Analytics Strategies and Methods for Detection and Prevention

  • Author:
  • Publisher: John Wiley & Sons
  • ISBN: 9781118230688
  • Published In: October 2013
  • Format: Hardback , 176 pages
  • Jurisdiction: International or US ? Disclaimer:
    Countri(es) stated herein are used as reference only
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    Proven guidance for expertly using analytics in fraud examinations, financial analysis, auditing and fraud prevention

    Fraud Analytics thoroughly reveals the elements of analysis that are used in today's fraud examinations, fraud investigations, and financial crime investigations. This valuable resource reviews the types of analysis that should be considered prior to beginning an investigation and explains how to optimally use data mining techniques to detect fraud. Packed with examples and sample cases illustrating pertinent concepts in practice, this book also explores the two major data analytics providers: ACL and IDEA.

    • Looks at elements of analysis used in today's fraud examinations
    • Reveals how to use data mining (fraud analytic) techniques to detect fraud
    • Examines ACL and IDEA as indispensable tools for fraud detection
    • Includes an abundance of sample cases and examples

    Written by Delena D Spann, Board of Regent (Emeritus) for the Association of Certified Fraud Examiners (ACFE), who currently serves as Advisory Board Member of the Association of Certified Fraud Examiners, Board Member of the Education Task Force of the Association of Certified Anti-Money Laundering Specialists ASIS International (Economic Crime Council) and Advisory Board Member of the Robert Morris University (School of Business), Fraud Analytics equips you with authoritative fraud analysis techniques you can put to use right away.

  • Foreword

    Preface

    Acknowledgments

    Chapter 1: The Schematics of Fraud and Fraud Analytics

    Report to the Nations on Occupational Fraud and Abuse

    Mining the Field: Fraud Analytics in Its New Phase

    How Do We Use Fraud Analytics?

    Fraud Detection

    How Do We Define Fraud Analytics?

    Fraud Analytics Refined

    Notes

    Chapter 2: The Evolution of Fraud Analytics

    Why Use Fraud Analytics?

    Case Study

    The Evolution Continues

    Fraud Prevention and Detection in Fraud Analytics

    Incentives, Pressures, and Opportunities

    Notes

    Chapter 3: The Analytical Process and the Fraud Analytical Approach

    The Turn of the Analytical Wheel

    It Takes More than One Step

    Probabilities of Fraud and Where It All Begins

    What Should the Fraud Analytics Process Look Like?

    Fraud Data Analytics Exposed

    Notes

    Chapter 4: Using ACL Analytics in the Face of Excel

    Case Study: ACL Inventory Fraud of Operation Supply and Demand

    The Devil Remains in the Details

    Notes

    Chapter 5: Fraud Analytics versus Predictive Analytics

    Overview of Fraud (Data) Analytics and Predictive Analysis (Modeling)

    Comparing and Contrasting Methodologies

    13 Step Score Development versus Fraud Analytics

    CRISP-DM versus Fraud Data Analysis

    SAS / SEMMA versus Fraud Data Analysis

    Conflicts within Methodologies

    Composite Methodology

    Comparing and Contrasting Predictive Modeling and Data Analysis

    Notes

    Chapter 6: IDEA Data Analysis Software

    Detecting Fraud with IDEA

    IDEA Case Study

    Fraud Analysis Points of IDEA

    Correlation, Trend Analysis, and Time Series Analysis

    What is IDEA’s Purpose?

    A Simple Scheme: The Purchase Fraud of an Employee as a Vendor

    Stages of Using IDEA

    Notes

    Chapter 7: Centrifuge Analytics: Is Big Data Enough?

    Sophisticated Link Analysis

    Centrifuge Visual Network Analytics for Anti-Counterfeiting

    The Challenge with Anti-Counterfeiting

    Interactive Analytics: The Centrifuge Way

    Case Scenario

    Fraud Analysis

    The Fraud Management Process

    Notes

    Chapter 8 i2 Analyst Notebook: The Best in Fraud Solutions

    Rapid Investigation of Fraud and Fraudsters

    I2 Analyst Notebook

    I2 Analyst Notebook and Fraud Analytics

    How to Use i2 Analyst’s Notebook: Fraud Financial Analytics

    Money Laundering and Using i2 Analyst Notebook Case Scenario and Process

    Notes

    Chapter 9: The Power to Know Big Data: SAS Visual Analytics and Actionable Intelligence Technology’s-Financial Intelligence System

    The SAS Way

    AITFIS (Actionable Intelligence Technologies Financial Investigations Systems)

    Case Study Using FIS

    Notes

    Chapter 10: New Trends in Fraud Analytics and Tools

    The Many Faces of Fraud Analytics

    The Paper Chase Is Over

    To Be or Not to Be

    Visual Links Analytics

    FICO Insurance Manager 3.3

    IBM i2 iBase

    Palantir Tech

    Fiserv’s AML Manager

    Notes

    About the Author

    Index

  • DELENA D. SPANN, MSc, CFE, is employed with the United States Secret Service, Chicago Field Office, where she is assigned to the Electronic and Financial Crimes Task Force.

    Spann routinely serves on high-profile financial crimes investigations that include detecting red flags, trends, and anomalies in complex financial transactions. She is frequently called upon as a guest speaker on her expertise in fraud analytics and financial crimes. She is dedicated to the study of white-collar crime.

    Spann holds a bachelor's degree in liberal studies from Barry University and a master of science degree in criminal justice administration from Florida International University. She is Board of Regent (Emeritus), an Advisory Board Member, and Higher Education Committee Member of the Association of Certified Fraud Examiners; a Board of Director of ASIS International Economic Crime Council; Education Task Force Member of the Association of Certified Anti-Money Laundering Specialists; Advisory Board Member at Robert Morris University; Executive Director of the Association of Certified Fraud Examiners, Greater Chicago Chapter; a Threat Finance Task Force Member of the Association of Certified Financial Crimes Specialists; and Board of Director (Emeritus), Step Women's Network of Chicago. Spann also serves as an adjunct professor at the university/college level.

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