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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).
The role of data analytics in fraud prevention Data analytics process 1. Fraud test definitionDefine the fraud indicators you wish to test for based on experi-ence, typical business rule limits and common fraud schemes.2.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.