Fraud Management & Cybercrime , Social Engineering

Using Advanced Tools to Tackle Hidden Fraud

PwC's Agarwal on Advancements in Tools to Help Prevent Hidden Fraud
Using Advanced Tools to Tackle Hidden Fraud

The use of new technologies are allowing enterprises to dig deeper in the surveillance items to prevent the problem of hidden fraud, says Vikas Agarwal, lead, financial crime unit at PwC in the U.S.

"Some of the tools now can take an address and automatically search in a Google API to see the validity of the address. Tools can now take the image of the address and they can check what type of business or vendor you are doing business with," says Agarwal in an interview with Information Security Media Group.

Agarwal says real advancements have come in not only checking own data but comparing it with large external data which goes a long way in controlling hidden fraud.

Hidden fraud is most prevalent around the process of payroll, accounts payable, duplication of vendors, fake invoices etc, he says. (See: Detecting Payroll Fraud With Data Analytics)

In this audio interview (see audio sign below image) with Information Security Media Group, Agarwal also discusses:

  • Factors leading to hidden fraud;
  • Advancement in tools capturing hidden fraud;
  • Organizations' approach to tackle this issue.

Vikas is the leader of PwC's Financial Crime Unit - a multidisciplinary team focused on strategy, operations, analytics, technology and regulatory consulting for clients in financial service, e-commerce, and retail dealing with challenges in anti-money laundering, Fraud, and Sanctions. He has direct experience advising large scale transformations for financial services and technology companies in the money ecosystem related to fraud and AML.




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