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Knowledge, Skills, and Abilities. The most important knowledge the fraud analyst or specialist needs to have is an understanding of regulatory requirements related to fraud detection/investigation, including Suspicious Activity Reports, USA PATRIOT Act, and FACTA (Fair and Accurate Credit Transactions Act).
Organisations commonly limit their fraud data analysis to quantification of the financial impact when fraud is detected by some other means. However, data analytics techniques can also have a significant role to play in the early-warning, detection and monitoring of fraud.eveloping analytics tests Data analytics challenges While data analytics offers many benefits as a fraud prevention measure, it is also important to recognise the challenges associating with performing these techniques:â¢ Data quality â The results from analytics tests are only as good as the input data.