How are modern data-driven techniques enhancing the art of “following the money”?
“Where has all the money gone?” is probably the most impor¬tant question in asset recovery. This is swiftly followed by “How can we get it back, and who can help us?”
In the old days, legal teams helping their client recover assets would obtain 50 boxes of documents from banks and turn it over to a forensic accountant. Manually entering large volumes of data into spreadsheets to identify patterns and leads was time-consuming and often the result of pure luck or the good memories of the team members. Today, data analytics and data visualisation techniques can transform how efficiently and effectively the tracing team can overcome the other side’s diversionary tactics and track down the stolen assets.
In CDR Essential Intelligence: Fraud, Asset Tracing & Recovery, FRA experts in forensic investigations and data analytics explain how modern data-driven techniques are enhancing the art of “following the money”. From data collection to analysis and visualization methods, they discuss how a multi-disciplined team can reap the benefits of new tools and technologies. Key challenges include establishing a central repository of information in compliance with various data privacy laws, combining structured and unstructured data, and using advanced data analytics to automate matching tasks and uncover hidden connections.