Fraud Analytics: Strategies and Methods for Detection and Prevention

Using ACL Analytics in the Face of Excel

THE OBJECTIVE of this chapter is to encourage the reader to take a more proactive role in addressing fraud by using analytical techniques. This segment of the volume focuses on how critical analysis technology has become and how specific analytical techniques have proven to be highly effective. ACL is recognized as one of the top competitors in the field of fraud analytics.

The flexibility and breadth of ACL analytical software has enabled countless organizations around the world in every industry to gain immediate insight into fraudulent transactional data underlying business processes and financial reporting.¹

The desktop version of ACL software provides analysts with a product they can benefit from even if they have little knowledge of the product. It allows them to develop and improve their analytical skills as they become more advanced with their use. One immediate benefit is analysts' ability to pull transactional activity by vendors and duplicates. This allows for more efficient analysis of exposures and reaction to potential fraudulent activity. What previously represented a three-to-four-week wait for information is now immediate (see Figure 4.1).

FIGURE 4.1 ACL Analytics 10

Source: ACL Services Ltd. Reprinted with permission ...