Mitigating Economic Losses of Fraud: Data Analytics Perspective
Published: September 2020
Economic loss caused by fraud has become a subject of concern for countries globally. Digital world also provides data and these can be leveraged to detect and prevent fraud while also applying forensic analytics to recover the loss. Although gathering and collating data from various sources poses a challenge, the benefits outweigh the costs. Data analytics, if implemented correctly, may detect fraud and prevent a potential economic loss. The article discusses challenges, solutions and technologies for implementing a data-driven approach.