Data analytics key success factors
ComplianceFinanceTax & AccountingOctober 16, 2021

Data Analytics: The Magic Tool of Fraud Detection

Data analytics is changing the way many organizations detect fraud. As fraud schemes become more sophisticated and the amount of data organizations produce continues to grow, it’s becoming increasingly difficult to uncover fraud using manual checks and balances.

To combat fraud, organizations are turning to technology, and more specifically, data analytics software, to identify trends, patterns, anomalies, and exceptions hidden in large volumes of data. According to PwC’s 2020 Global Economic Crime and Fraud Survey, 40 percent of respondents plan to increase spending on fraud prevention and economic crime over the next two years.

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