3. Enrich analysis and uncover insights through connectivity to external datasets
One of the most common techniques in asset misappropriation and procurement fraud involves utilizing shell companies or businesses associated with a fraudster’s family or known associates to siphon funds from an organization. Therefore, understanding an investigation subject’s relationships is an essential element of many financial investigations.
In the past, investigators could spend days performing research and extracting relevant information from background reports and other databases. Luckily, today’s investigators have the ability to automate much of this online data research and extraction in order to efficiently examine identified individuals. With a few identifying data points for each individual or corporate entity, a database can be created to uncover relatives, associates, affiliated businesses, addresses and phone numbers. Data analytics routines can then compare these results to a list of key vendors, employees, partnerships, advisors and more to identify potential areas of risk such as conflicts of interest and other relationship risk areas.