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October 1, 2015

Big Data Plays Arresting Role in White Collar Crime
By Alison Diana

User-friendly analytics tools with graphical presentation tools plus big data solutions and the ability to more easily search and track fiscal anomalies give financial crime fighters a much stronger arsenal in their ongoing battle against white collar crime. These offenses costs taxpayers up to $600 billion annually, but the complexities of these cases mean many financial scammers elude justice for years, if not forever. That could – and should – be changing, however, as investigators leverage powerful databases, big data, and analytics to find and expose schemes, then use this information to empower juries to follow the money trail. The opposite, however, appears to be true. At a time when agencies have the ability to better equip themselves, federal prosecutions of these criminals is at its lowest level in two decades, according to a July 2015 report by Syracuse University. This year, the federal government is on track to prosecute approximately 6,897 individuals for white-collar crimes, the university’s Transactional Records Access Clearinghouse (TRAC) determined. This figure is 12.3 percent less than last year and 29.1 percent less than in 2010, TRAC said.

Transactional Records Access Clearinghouse, Syracuse University
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