Investigating Network Fraud
Following on from my article on why networks are important – I regularly talk with investigators on how best to identify and investigate organised network fraud.
I am mindful that there are a lot of seasoned investigators out there so in this article I will be talking basics and from a perspective of using technology only to investigate network fraud.
The first principle of investigating network fraud is to have all available data in the hands of the investigators – this sounds quite basic but often we speak to investigators who use different data sources, capabilities, and sources of alerts that are not integrated into one platform. The best technology platforms I have seen take a best of breed approach and provide the ability to integrate easily and onboard data as efficiently as possible to allow for greater data coverage and better investigator efficiency.
The second principle is to think of fraudsters as business people, and from that lens we should understand that fraudsters want to “sweat their assets” (vehicles, synthetic IDs, group resources etc.) to make their business (illicit streams of money through fraud) as profitable as possible in the shortest time-frame whilst taking the minimum operational risk.
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