Often, forensic accountants have to investigate financial crimes and identify patterns of financial exploitation. With the increasing use of technology in financial transactions, it’s essential to have the right tech solutions in your toolkit to assist you in your investigations.
Top Tech Solutions Available for Forensic Accountants
- Anti-Fraud Software: Detect fraudulent activities by monitoring financial transactions in real time. These software solutions can alert you to any suspicious transactions, giving you the opportunity to investigate further. To demonstrate, anti-fraud software includes SAS Fraud Management, IBM Fraud and Financial Crimes Management, and NICE Actimize.
- Optical Character Recognition (OCR): Through artificial intelligence (AI) and machine learning (ML), large volumes of photos and documents can be scanned quickly to aid in identifying suspicious transactions. Some OCR tools include Ocrolus, ScanWriter, and BankScan.
- Data Analytics and Visualization Tools: Identify patterns and trends in financial data. These tools can help you uncover fraudulent activities and provide insights into the financial health of an individual or organization. To list, examples of data analytics and visualization tools include FraudFindr, Valid8, and IDEA.
- Blockchain Analytics Tools: Trace transactions on blockchain networks, which are becoming increasingly popular in financial transactions. These tools can help forensic accountants identify fraudulent activities and trace the flow of funds across the blockchain network. To illustrate, blockchain analytics tools include Chainalysis, Crystal Blockchain, and QLUE.
As the use of technology in everyday life continues to increase, it’s essential for forensic accountants to have the right tech solutions in their toolkit. Undeniably, these tech solutions can all help forensic accountants detect and prevent financial crimes. By leveraging these tech solutions, forensic accountants can improve the efficiency and accuracy of their investigations. As a result, this helps to protect individuals and organizations from financial exploitation.