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Fraud Prevention Alert—Data Analytics: Part 3


As presented in our previous 2 Fraud Prevention Alerts, using risk-based assessments and data analytic techniques to identify trends, patterns, anomalies, and abnormal relationships in data can be an effective anti-fraud control. Data analytic techniques can be separated into 3 categories for practical applications: basic, statistical, and advanced. This alert, the third in a 4-part series, focuses on the practical applications for statistical techniques and describes how using these techniques on an organizations’ data and investigating associated findings can help public officials identify fraudulent activity before it becomes significant.