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Road to Financial Crime and Fraud Analysis

Updated: Aug 5, 2023

Financial Crime and Fraud Analysis (FCFA)

“A fraudulent intent, however carefully concealed at the outset, will generally, in the end, betray itself.”

- Titus Livius

Financial crime is a mix of fraudulent schemes and dishonest intent towards any organization or individual channeling it through financial resources. Finance being an irreplaceable aspect in life, may it be any individual or any organization, gives out the scope for a perpetrator to gain access to and bring on the damage. So, it’s essentially important for everyone to be aware of their finances and of those grey areas that they miss out which leaves an open gate for fraudsters.

To better explain these financial frauds, let me take an example. In the finance world, no matter where you are from, 2+2 will always be 4. But in the fraud world, 2+2 can be anything the fraudster wants to make it. In the past, this simple fundamental principle brought out the prima facie frauds which happened or were happening, and perpetrators were caught because then you will have to see where 2+2 has not been a 4.

But since it was a SIMPLE fundamental, fraudsters became better and worked on ways where they can put the damage and still show to the world that 2+2 is a 4 on the outset, yes. So, the analyst must be best with their methods to catch the financial crime.

Presently, Fraudsters uses multiple ways to make that 2+2 a 4, for example,

1. Transposition, 2+2 = 6 (Made by fraudster) but (-2) is hidden or used in a different area which will not be checked or be overlooked. This is called Manipulation or Window Dressing.

2. Substitution, 2+2 = 4 and belongs to X, but since it is made by a fraudster, it will now belong to Y which is fraudster’s other identity. This is called Identity theft.

3. Omission, 2+2 = 4 but these numbers are not actual and only made up by the fraudster where he has intentionally made 2 and other 2 to use the benefit of total 4. This is called Tax Evasion.

And there are multiple examples where fraudster was successful in taking away the benefit without being caught. Individuals and organizations are becoming better with their control on their finances but still there are some aspects or grey areas which they overlook, and perpetrator silently enters and damage the wealth of the underlying. Therefore, there is a need, more than ever, to put in the diligent efforts to identify and prove such frauds.

Types of financial crime

Some of such aspects of financial crimes are embezzlement, illicit money flows, money laundering, terrorist financing, insider trading and a lot more. However, these names are only suggestive of methods used by the fraudsters but in actual, its very difficult to catch and prove such methods without the in-depth knowledge of something we call Financial Crime and Fraud Analysis (FCFA).

FCFA is a form of analysis where we put in the right methods, processes, and procedures to properly study, stop and catch the frauds that highlights the unauthorized or illegal movements of money and its likeness. These methods don’t stop at finding areas where 2+2 has not been a 4 but also put the attention at places where 2+2 has been a 4 along with the rightful understanding of ‘How and Why’. Some of you would ask why there is a need to check places where 2+2 has been a 4, because in assumption it is always right, but there are numerous instances where this additional curiosity towards such places has detected some frauds that involved substantial amounts. Therefore, FCFA is very important to fight such fights and rise as a winner always and yes, SAVE MONEY AND CATCH FRAUD(STER)S.

financial crime

FCFA is an evolving process which is absorbing all the ‘ifs and buts’ that a human mind has thought of, is thinking of, and will be thinking of because fraudsters and perpetrators are getting more informed and greatly aware about all the aspects of finance which allows them to rule out every possibility where such crime can be organised, placed, and damage can be put. So, now is the time that every organization and individuals need to be better than such fraudster and be ready with an action plan to prevent such events from happening or recover from events which have already happened.

Through this post, Cyint Technologies wants to put the necessary confidence in the readers that FCFA is the need of the hour, and we should all be proactively working towards understanding FCFA and taking the required steps towards achieving fraud-free wealth. Cyint Technologies understand the value of such analysis and is everyday working towards making individuals and organizations aware of all such gates that should be closed before perpetrators enter or drag away the perpetrators who have already entered and doing the damage.

This is our first post "Road to Financial Crime and Fraud Analysis" to give our readers a basic idea of what FCFA is and why there is a need for FCFA. In the later posts, we will share some detailed workings, examples, case studies to take our readers through things that are happening in the world and make them understand that fraudsters have no code of conduct but the intention to bring on the damage. So, it’s time to be active and with the right tools, be ahead of the fraudsters and perpetrators.

Cyint Technologies is here to help.

Harsh Kumar Singhal

Manager - Financial Crime & Fraud Analysis (Services)

Cyint Technologies



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