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Fraud Analytics: Strategies and Methods for Detection and Prevention by Delena D. Spann

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The Analytical Process and the Fraud Analytical Approach

images THE TURN OF THE ANALYTICAL WHEEL

The analytical process is used to create never-ending accurate analytics. The process begins with questions, the answers to which inevitably lead back to more questions. So the cycle never ends but instead continues to spiral in directions where the analysis process is yet to be unmasked. With proper planning and direction, the process converts raw data and/or information that has been acquired into precise information that could potentially lead to further analysis.

The analytical process involves substantive issues and concerns related to information that needs clarification. Analytics is then used to guide the collection strategies and the production of the appropriate analytical product. Analytics is the process whereby information is obtained from all sources that are pertinent to the areas of collection, collation, dissemination, evaluation, description, and analysis.

Professionals in the analytical community absorb incoming information, evaluate it, produce an assessment of the current state of affairs, and create a strategic methodology. A large part of the analytical process is devoted to the processing and exploitation of raw data into a form usable by those who seek to detect fraud ...

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