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.
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.
Key Features
- 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.
Praise for Fraud Analytics
"In Fraud Analytics, Delena Spann meticulously reminds us that technology has redesigned the world for the good guys and the crooks. If law enforcement is to keep up, then we must utilize the best tools to thwart the efforts of white-collar criminals whose impact devastates our economy. She articulately and technically apprises the good guys on how to detect the practices of America's most prolific criminals. This is a must-have book."
—Dr. Jeffrey Dean Swain, JD, PhD, Criminal and Constitutional Law, Florida Memorial University.
"As a professor of audit and forensic accounting, Fraud Analytics is the reference book I have been waiting for. Clear, no-nonsense instructions will allow me to use this text in my graduate and undergraduate fraud detection courses as the one guide to forensic tools and fraud-fighting strategies."
—Peg Berezewski, CFE, CGMA, CPA, Professor, Robert Morris University, Illinois.
"At last! We finally we have a definitive, understandable book written about the technical subject of fraud analytics. Delena Spann shares her expertise with us through clear explanations and case studies. Having been associated with Ms. Spann for fifteen years, I am pleased that her insights are communicated with this valuable book for fraud examiners, auditors, and financial investigators. We are utilizing her analyses with our clients and in our seminars."
—David S. Marshall, MBA, CFE, CISA, Principal, Infotech Global Audit and Security, Inc., and Corporate Compliance Seminars; President, Greater Chicago Chapter, Association of Certified Fraud Examiners.
"This book is an outstanding primer in the area of fraud analytics. It provides a significant overview of the threats and impact that fraud has on the private and public sectors as well as identifies and describes current solutions and analytic techniques to address this. Fraud Analytics is a terrific contribution to the national security community and more specifically to anyone interested in fighting fraud."
—Jill D. Rhodes, JD, LLM, Vice President and Chief Information Security Officer, Trustmark Companies; former executive, Senior National Intelligence Service.
Contents
Chapter 1: The Schematics of Fraud and Fraud Analytics
- How Do We Define Fraud Analytics?
- 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?
- The Evolution Continues
- Fraud Prevention and Detection in Fraud Analytics
- Incentives, Pressures, and Opportunities
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?
- Data Analytics Exposed
Chapter 4: Using ACL Analytics in the Face of Excel
- The Devil Remains in the Details
Chapter 5: Fraud Analytics versus Predictive Analytics
- Overview of Fraud Analysis and Predictive Analysis
- Comparing and Contrasting Methodologies
- 13 Step Score Development versus Fraud Analysis
- 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
Chapter 6: CaseWare IDEA Data Analysis Software
- Detecting Fraud with IDEA
- 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
Chapter 7: Centrifuge Analytics: Is Big Data Enough?
- Sophisticated Link Analysis
- The Challenge with Anti-Counterfeiting
- Interactive Analytics: The Centrifuge Way
- Fraud Analysis with Centrifuge VNA
- The Fraud Management Process
Chapter 8: i2 Analyst's Notebook: The Best in Fraud Solutions
- Rapid Investigation of Fraud and Fraudsters
- i2 Analyst’s Notebook
- i2 Analyst’s Notebook and Fraud Analytics
- How to Use i2 Analyst’s Notebook: Fraud Financial Analytics
- Using i2 Analyst’s Notebook in a Money-Laundering Scenario
Chapter 9: The Power to Know Big Data: SAS Visual Analytics and Actionable Intelligence Technologies’ Financial Investigative Software
- The SAS Way
- Actionable Intelligence Technologies’ Financial Investigative Software
- A Case in Point
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
- Raytheon’s VisuaLinks
- FICO Insurance Fraud Manager 3.3
- IBM i2 iBASE
- Palantir Tech
- Fiserv’s AML Manager
- Index
About the Authors
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.
Book Details
- Hardcover: 176 pages
- Publisher: Wiley; 1 edition (October 21, 2013)
- Language: English
- ISBN-10: 111823068X
- ISBN-13: 978-1118230688
- Product Dimensions: 9.3 x 6.4 x 1.3 inches
- List Price: $50.00