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What is Data Analytics?

 

As computer systems become more sophisticated, collecting and storing large volumes of data is becoming easier. The problem lies in making sense of the data. Data analytics is the science of examining raw data with the purpose of drawing conclusions about that information.

Fraudsters understand that if they are tech savvy enough to bury the evidence of their fraud schemes in the data, they stand a better chance of getting away with the scheme. As these fraudsters become more tech savvy, manual methods of detection are no longer effective.[1] The use of data analytics tools improves efficiency by providing an automated method for detecting potential fraud that can be repeated on a continuous basis. Data analytics provides the capability to test all the data instead of testing only a sampling of the data and can help to quickly identify potentially fraudulent activities in an early warning system to detect fraud and therefore minimize losses.

The FAASTrack in the MPPA program provides the opportunity to learn about and practice using various software systems commonly used for data analysis. As a graduate of the program, you will be ready to build your career with the latest industry tools in your “tool belt.” Learn more at /academics/college_business_administration/areas_of_study/mppa.



[1][1] Ernst & Young. (Feb, 2014). The role of data analytics in fraud prevention. Retrieved on July 15, 2014 from http://www.ey.com/Publication/vwLUAssets/EY_-_Forensic_Data_Analytics/$FILE/EY-Data-Analytics-The-role-of-data-analytics-in-fraud-prevention.pdf