Penny Li, CFE, CPA
Penny Li, CFE, CPA, is the owner of Apps for Pros and is a graduate of the Master of Forensic and Fraud Examination Program at West Virginia University. Contact her at yl00037@mix.wvu.edu.
Detecting fraud without historical data
Datasets of documented fraud cases can be instrumental in detecting anomalies and patterns in all sorts of transactions, but many times those datasets aren’t available. With fraudsters perpetrating increasingly sophisticated schemes, fraud fighters need an edge on the criminals with advanced techniques. Here, the author describes how to use machine-learning models and other advanced techniques to detect fraud when you don’t have historical data to learn from.
Written By: Penny Li, CFE, CPA, Ning Ping Wang
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