Fraud Analytics: Strategies and Methods for Detection and Prevention

Preface

HEREIN LIES my first published book. I have written many pages on a topic that has become a passion for me—fraud analytics. As I reflect, I wonder how and when became so interested in a topic that is so prevalent in the twenty-first century. It all began some years ago when I had the opportunity to assist on a large-scale financial crimes investigation.

Fraud Analytics was compiled as a mere thought; however, that mere thought would not leave me alone and I knew I had to share my expertise in fraud and analysis on a greater platform. When I recalled the complexities of raw data that I had seen throughout the years, it became crystal clear that more technology was available, but I had to conduct my research to find what tools would suffice. I had to understand what I lectured on and presented to audiences who were interested in taking fraud analytics to the next level; it was a growing and sought-after technique within the fraud industry

Throughout my research, I used tools to detect fraudulent transactions through monitoring, tools that could join and merge data fields and scripts, and tools that provided link analysis association between persons and commodities. Along the way, I experienced challenges when using and understanding the different types of methodologies for each tool. My reading enhanced the use of each tool by expanding not only my knowledge but also the concept that there were more ways to establish the needed results in fraud detection and prevention. ...