Fraud Trends for the Future - Need for Real-time Risk Assessment - Part 1
Author: Lynn Fountain
| CPE Credit: |
2 hours for CPAs |
To effectively perform real-time assessment on these aspects, many companies use the latest technological applications. Fraud detection systems use real-time transaction risk scoring algorithms to identify questionable purchases or payments. These systems consider transaction details, user profiles, behavioral biometrics, geolocation, IP/device metadata, account information, and more.
The advancement of artificial intelligence and machine learning are also aspects that have advanced our ability to perform real-time risk assessments. We discuss these concepts and how they are used. This course focuses on step one and two when performing a real-time fraud risk assessment. Those steps include:
- Step One - Planning
- Step Two - Identifying Risk
Future courses will cover the remaining steps in the process.
Publication Date: May 2024
Designed For
Executives; Board; Accountants; Compliance and legal professionals; Internal and external auditors
Topics Covered
- Top Fraud Trends for the Future
- Fraud Risk Assessment
- Components of a Fraud Risk Assessment
- What Is a Real-Time Fraud Risk Assessment?
- Step One and Step Two in a Real-Time Fraud Risk Assessment
- How to Identify Risks
- Tools to Use in Real-Time Fraud Risk Assessment
- Using Machine Learning and AI for Fraud Detection During Step One in a Real-Time Risk Assessment
- Using Big Data and Deep Analytics in Step Two of a Real-Time Fraud Risk Assessment
Learning Objectives
- Identify and evaluate Fraud trends for 2023 and beyond
- Identify and define a Fraud Risk Assessment
- Identify components of a Fraud Risk Assessment
- Identify and define a real-time Fraud Risk Assessment
- Identify and examine methods for Step one and two of the Risk Assessment - Planning and Identify Risks
- Identify the use of big data and deep analytics in a Fraud Real-Time Risk Assessment
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Auditing (2 hours)
Program Prerequisites
None
Advance Preparation
None
