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Fraud Data Science and Fraud Analytics
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Course Overview
This 15-hour course spread over three days will provide you with practical skills and enable you to help your organisation to apply data science for fraud detection to identify fraud. The goal: Save costs now by designing data models and using data to identify symptoms of financial waste in your organisation to build true financial resilience and integrity.
Taking data science for fraud detection and resolution to utilize the power of data by learning a cutting-edge approach to build your own early fraud detection models and support fraud investigations. Learn to design data models and solutions where you use data combined with proven methodologies to pinpoint fraud perpetrated against your organisation by unethical suppliers, customers, agents, middlemen, opportunists, hacker, criminals and also your own people.
Key course highlights include:- Learn state of the art techniques, to identify and analyse raw data and turn it into knowledge
- Design data models and develop your own algorithms to transform this data into intelligence and knowledge which can be used to discover the red flags of fraud and corruption.
The course is based around actual but anonymised fraud and corruption cases. As part of the learning process, you will be provided with fit for purpose data-files and transactions to analyse on your own computer, using your own spreadsheet and other software. You will also have the opportunity to get a demonstration of a selection of tools (some of which are freely available)
In this course you will enter a new learning experience. You will develop ready to use and hands-on skills which are fit for tomorrow’s financial world, participate in live assessments, immerse yourself in cases and simulations, conduct interviews with whistle-blowers and fraudsters, analyse dramatic situations and follow money flows. You will also learn from guest experts and participate in Q&A sessions, self-assessment and of course groupwork and feedback from your peers and the instructors.
Course materials will include tools, videos, case examples, sample data files, templates, extracts from books and publications and your initial assessments.
Who Should Attend?
This course will be of most value to:- Financial Controllers and Financial Directors
- Senior and Chief Accountants
- Internal and External Auditors
- Legal and Compliance Officers, Risk Managers and those responsible for Corporate Governance
- Internal Information Managers and Data Scientists
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Day One: Understanding data
Module 1: Targeting the right data to find fraud- How smart use of data will reveal the footprints of Fraudulent Transactions.
- Fraud Data science for all. How to obtain, process and use data and create data models
- Assessing data quality when you load data and create data models
Warm-up exercise (in pairs): Provide your instant reflections on a small data set on what you sense irregular business transactions
Module 2: Data mining for the “blue diamonds” *- Using traditional data science techniques to detect fraud
- Familiarising yourself with the emerging techniques in data science and how they can be applied to identify fraud
- Understand legal and regulatory implications when you use data
Exercise (in pairs): Identify the ”blue diamonds” in supplier invoices and supplier master data and tell the story you see in it.
* Finding fraud early is about spotting waste and transforming it into value. Hence we use the term blue diamonds” rather than red flags to describe removal of fraud as an opportunity to boost profits and value.
Assignment and Essential Study
Participants will receive a datafile in Excel format, a short situational case assignment, plus an important reflection question for Day 2
Day Two: Which are the best Fraud Analytics techniques
Module 3: What data do you use to establish fraud alerts- Recap from Day 1 and reflections (case study and key question)
- Understand how static data is used in isolated and aggregated data models
- Create indicators to allow “static data” tell a story
Exercise (in pairs): Create a set of indicators using data for customers and invoices where you focus on the individual transactions and gain the insights by combining these indicators.
Module 4: How data tells a story (using dynamic data for story telling about fraud)- Understand behaviouristic patterns in data
- Explore techniques to see how transaction over time can be used
- Combine the internal data with the digital footprint using open research
Exercise (in pairs): Combine transactional data for suppliers and invoices to understand how transactions that are related to each other can be used for indicators to detect fraud
Assignments and Essential Study
Participants will receive a datafile in Excel format, a short situational case assignment, plus an important reflection question for Day 3
Day Three: Algorithms and Automation
Module 5: How to create automated and intelligent processes to always detect fraud early.- Recap from Day 2 and reflections (case study and key question)
- Develop your own recipes and algorithms which you can use in your organisation.
- Design solutions that can be repeated and automated
Exercise (in pairs): Use the data for supplier invoices in the Accounts Payables and payments committed outside of the Accounts Payables and create an algorithm that can be used when needed and for a repeated automated use.
Module 6: The end game: Continual detection and resolution- Understand key issues when designing solutions for continual detection
- Create ways of working to bridge the gap between detection and resolution
- Implement effective, and humane ways to resolve fraud and corruption
Short exercise (individual exercise with automated and personalized feedback): What can you do in your organisation to improve how resolution of the cased you identify and how can you implement it?
- The steps you need to take to FastTrack resolution
- The steps you need to take to build financial robustness and resilience to fraud in your organisation.
- Q&A
Final Exercise (individual with a presentation in plenum): Develop and hold a short presentation based on everything you have learnt outlining the steps you would take to ensure improved recognition, resolution and removal of fraud in your organisation -
Our Tailored Learning Offering
Do you have five or more people interested in attending this course? Do you want to tailor it to meet your company’s exact requirements? If you’d like to do either of these, we can bring this course to your company’s office. You could even save up to 50% on the cost of sending delegates to a public course and dramatically increase your ROI.
If you want to run this course at a location convenient to you or if you want a completely customised learning solution, we can help.
We produce learning solutions that are completely unique to your business. We’ll guide you through the whole process, from the initial consultancy to evaluating the success of the full learning experience. Our learning specialists ensure you get the maximum return on your training investment.
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We have a combined experience of over 60 years providing learning solutions to the world’s major organisations and are privileged to have contributed to their success. We view our clients as partners and focus on understanding the needs of each organisation we work with to tailor learning solutions to specific requirements.
We are proud of our record of customer satisfaction. Here is why you should choose us to help you achieve your goals and accelerate your career:
- Quality – our clients consistently rate our performance ‘excellent’ or ‘outstanding’. Our average overall score awarded to us by our clients is nine out of ten.
- Track record – 10/10 of the world’s largest banks have chosen us as there training provider and we have delivered training across the largest banks and have trained over 25,000 professionals.
- Knowledge – our 100+ strong team of industry specialist trainers are world leading financial leaders and commentators, ensuring our knowledge base is second to none.
- Reliability – if we promise it, we deliver it. We have delivered over 25,000 events both in person and online, using simultaneous translation to delegates from over 99 countries.
- Recognition – we are accredited by the British Accreditation Council and the CPD Certification Service. In an independent review by Feefo we scored 4.2/5 on service and 4.7/5 on Coursecheck
Instructors
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Nigel Iyer
Biography
For 25 years as a Fraud Detective, Nigel has passionately, some will say pathologically, helped organizations across the world recognise and resolve fraud. He teaches all who will, to do the same. He has developed several “Defence against the Commercial Dark Arts” courses, written three books as well as fraud games, dramas and plays, all designed to make the tools of the fraud detective and “fraud resolver” accessible to all. Nigel Iyer is an English Chartered Accountant, Computer Scientist and Dramatist, as well as a Fellow of the Chartered Institute of Management Accountants. Whilst it is well known that the cost of fraud is massive, corrosive and rising, and affects all our organisations Nigel believes that it far too important a cost to be tackled late or left to specialists alone. “Every single member of the financial community should be able to spot the warning signs of fraud early be it a greedy supplier, customer or middleman, false figures, front companies, criminal involvement and of course our own colleagues with an “over-developed sense of entitlement”. The mantra: “Stop fraud early and save costs soon quickly” together with a combination of early detection, effective investigations which leverage the power of data and remote tools” is more important now than ever before. Nigel believes that everyone of us is a Fraud Detective at heart, and particularly, anyone who managers uses, or deals with money in an organisation should use and develop their skills to help guard the organisation from non-essential costs and harm. -
John Wallhoff
Biography
John Wallhoff (CISA, CISM, CISSP)Technology expert with a degree in business administration and economics. For more than 30 years John has specialised in Fraud Detection and Resolving Fraud focusing on Analytics and Fraud Data Science, combining this with Data Management and mitigating Cybersecurity threats. He is a well-known international speaker and trainer, raising awareness and sharing his experiences from working with real data in fraud detection and investigations. The key driver behind the work John does in fraud data science, is exploring how far one can take technology to find fraud and how it can be used by anyone to support business decisions. Making data talk to us is a new frontier in business development and especially for fraud detection and resolution. It also involves how data security and data quality issues are considered to comply with any legal or regulatory requirements when processing and storing data. While data is a valuable asset, John recognises the importance of cognitive technology combined with human intervention to go beyond creating filters and summarising plain data, to enable the aggregation and combination of data to harvest its hidden secrets. John firmly believes that in this new age all financial people including management should be able to use data to gain insights into the early-warning signs of fraud at distance, in a secure, legal and non-intrusive manner.
