Forensic Data Analysis
Expert-defined terms from the Certified Professional in Forensic Accounting and Fraud Prevention course at London School of Business and Administration. Free to read, free to share, paired with a globally recognised certification pathway.
Acceptable Use Policy (AUP) #
A set of guidelines that outlines how a technology resource, such as a computer network or the internet, should be used. It is designed to minimize the possibility of misuse and to ensure that users understand their responsibilities and limitations when accessing and using the technology.
Access Control #
The process of ensuring that only authorized individuals have access to sensitive information or systems. This can be achieved through various methods, including password protection, biometric authentication, and two-factor authentication.
Anti #
Money Laundering (AML): A set of procedures, laws, and regulations designed to prevent criminals from disguising the illegal origins of their funds by passing them through a series of legitimate financial transactions.
Computer Forensics #
The process of collecting, analyzing, and preserving electronic evidence in a way that is admissible in a court of law. This can include recovering deleted files, analyzing email communications, and tracking user activity on a computer or network.
Data Analytics #
The process of examining data sets to draw conclusions about the information they contain. This can include identifying patterns, trends, and outliers, and using this information to make informed decisions.
Data Mining #
The process of automatically discovering patterns and knowledge from large amounts of data. This can include identifying relationships between variables, predicting future behavior, and uncovering hidden trends.
Digital Forensics #
The process of uncovering and interpreting electronic data for use in a legal case. This can include recovering deleted files, analyzing email communications, and tracking user activity on a computer or network.
Electronic Discovery (e #
Discovery): The process of identifying, collecting, and producing electronically stored information (ESI) in response to a request for production in a legal case.
Fraud Prevention #
The measures taken to prevent and detect fraudulent activity. This can include internal controls, employee training, and the use of technology to monitor and detect suspicious behavior.
Forensic Accounting #
The practice of using accounting, auditing, and investigative skills to investigate fraud and other financial irregularities.
Forensic Data Analysis #
The process of analyzing and interpreting financial data in a way that is admissible in a court of law. This can include identifying anomalies, tracing funds, and reconstructing financial transactions.
Information Security #
The practice of protecting information by ensuring its confidentiality, integrity, and availability.
Insider Threat #
A security risk posed by employees, contractors, or other insiders who have access to an organization's sensitive information or systems.
Intrusion Detection System (IDS) #
A system that monitors network traffic for suspicious activity and sends alerts when such activity is detected.
Internal Controls #
Procedures and policies put in place to ensure the integrity of financial and accounting information.
Internet of Things (IoT) #
A network of physical devices, vehicles, buildings, and other items embedded with electronics, software, sensors, and network connectivity that enables these objects to collect and exchange data.
Mobile Device Forensics #
The process of recovering and analyzing data from mobile devices, such as smartphones and tablets, for use in legal cases.
Network Forensics #
The process of analyzing and interpreting network traffic for use in a legal case. This can include identifying suspicious activity, tracing communication paths, and reconstructing network events.
Risk Assessment #
The process of identifying, evaluating, and prioritizing risks to an organization's information assets.
SQL Injection #
A code injection technique used to attack data-driven applications by inserting malicious SQL statements into an entry field.
Two #
Factor Authentication: A security process in which a user provides two different authentication factors to verify their identity.
Vulnerability Assessment #
The process of identifying and prioritizing vulnerabilities in an organization's information systems.
Wireless Forensics #
The process of recovering and analyzing data from wireless devices, such as cell phones and routers, for use in legal cases.
Note #
The above glossary terms are provided as a reference for the Certified Professional in Forensic Accounting and Fraud Prevention course and should be used as a starting point. It's important to note that some terms may have different definitions depending on the context and the specific industry.
Example: #
Example:
Forensic Data Analysis #
The process of analyzing and interpreting financial data in a way that is admissible in a court of law. This can include identifying anomalies, tracing funds, and reconstructing financial transactions.
Practical Application: #
Practical Application:
A forensic accountant may be called upon to analyze financial data in a legal ca… #
They may use specialized software to analyze large volumes of data, such as bank statements, invoices, and receipts. They may also use their knowledge of accounting principles and investigative techniques to trace funds, identify patterns of behavior, and reconstruct financial transactions.
Challenge: #
Challenge:
A company suspects that an employee has been embezzling funds #
The forensic accountant is tasked with analyzing financial data to identify any unusual transactions. They discover that large sums of money have been transferred to a previously unknown account. The forensic accountant must then use their skills to trace the funds and determine the recipient's identity.
It's important to note that this is a simplified example, and in real #
world cases, the process of forensic data analysis can be much more complex and time-consuming. Additionally, it's important to note that the results of a forensic data analysis may be used as evidence in a court of law, so it's essential that the process is conducted in accordance with legal and ethical standards.