Posted by Latha Do NADARAJAN , Year 3 undergrad at the School of Accountancy, Singapore Management University
Abstract: More than 50% of fraud cases are detected by accident, after loss has occurred. Many tools
require excessive effort by fraud analysts to generate useful information, or the tools generate
too many false alarms.The cost of using these tools is high, and the return is low.
For effective fraud management, you need an approach that detects and prevents fraud –
as it happens. The right solution will help your organization keep pace with ever-changing,
increasingly sophisticated criminal tactics. Then if fraud occurs, your analysts can investigate
it efficiently and thoroughly check transactions without negatively impacting operational productivity.