“2021 is a year of opportunity to innovate and learn how to use data and technology to support efforts to fight financial crime.”
– The State of Financial Crime, Comply Advantage
Pandemic relief efforts by the U.S. government have unfortunately created a rare opportunity for fraudsters to meddle with the system and make money. The Department of Justice has publicly charged 474 defendants with cases involving attempts to obtain over $569 million with fraud schemes connected to the Covid-19 pandemic. The cases have been brought in 56 federal districts around the country. As fraud investigators, we owe it to our country that funds reach the countrymen genuinely in need and not the fraudsters.
Thankfully, financial investigation software can now automatically capture, cleanse, and model data for analysis with the evolution of technology. Such software also provides intuitive data visualizations to help to detect/prevent fraud and money laundering effectively. In addition, the state and federal government departments across the United States have also begun using advanced tools for investigations. As you also plan to invest in one such software, here are some features you must look for:
- Accuracy of Financial Data
During any financial investigation, the accuracy of the financial data is of the utmost importance. Accurate analysis of data by s