In an era of digital technology, new and powerful tools are being used for investigating frauds and ensuring that criminals are brought to justice. Apart from solving complicated cases, the wealth of data offered through emails, messages, bank transfers, contracts, and electronic records offers advanced fraud detection approaches.
Clear evidence of artificial intelligence prominently leading the cyber security world is the availability of methods that can help retrieve the maximum amount possible from fraudsters.
Cyber-Forensics.net, a cyber forensics service for online scam victims, investigated the presence of artificial intelligence dominating all sectors to find the impacts of technology. The firm also gave insights into the future of AI-powered investigations.
In his report, account recovery specialist Peter Thompson said: "Artificial Intelligence offers powerful insight into analyzing financial transactions and gaining effective operationality.
What Role Artificial Intelligence Plays in Crime Detection?
Facial Recognition System: In rising crimes, information should flow continuously to law agencies. With names and images of participants in the fraud, facial recognition systems work by matching the faces or photos with a face stored in a database of associated agencies. A growing body of evidence reveals that cameras in public spaces that offer surveillance contribute to identifying criminal movements quickly. This also becomes the base for cyber experts to attach concrete evidence to quicken the fund recovery process.
Information Sourcing From Social Media: Investigators take help from social media companies to assist them in accessing content that may be useful in locating and prosecuting specific individuals responsible for an online scam.
Location Tracking: Cyber thugs are usually located overseas when committing crimes because they know it's impossible to press charges on someone sitting out of a particular time zone. However, identifying a person responsible for using AI-powered tools helps hold criminals responsible for financial fraud. This technique works especially well when law enforcements need to issue arrest warrants to criminals previously not known to them and victims demand complete fund recovery.
Information like the suspect's location at the time of the crime can provide corroboration; the court needs to issue a warrant. Location data is thus helpful in coupling the evidence and proving the suspect's involvement in an online scam.
Tracking Money Before it Gets Liquidated: A criminal's first and foremost goal is to access the stolen amount as quickly as possible or transfer the amount to a different account. In financial vocabulary, it is called liquidating. Forensic experts can track the transfer of money using AI and help victims know whether there is a chance of getting their money back or not.
Intercepting the Liquidation: Although still not necessarily revolutionary, chief analyst Timothy Benson believes that the "algorithms that AI uses are far more productive than we think. They can help fund recovery services intercept the money transfer before it gets debited from the victims' account".
Tracking Mode of Crime: AI can also help identify how the attackers reached the potential targets and conducted the fraud? Tracking their pattern can build up the case in favor of victims.
What Exactly Do Fund Recovery Specialists Do?
As the name signifies, fund recovery experts help scam victims recover their money back after an online scam/fraud has taken place. Millions of people worldwide get scammed, ultimately affecting their financial status. Fund recovery agents can help the victims in the following manner:
They have the right tools: fund recovery services/companies usually have access to highly-intelligent computer networks filled with databases of criminal records and lists of fraudsters.
They have professionals for the job: Online fund recovery experts have specialists for everything. So, when a victim tells the company about the fraud, the listener is constantly finding the best solution for the existing problem. They are familiar with the governing laws and rules and get the job done quickly.
They have the authority to pull names: After working in the legal field for years, such agencies often have high-profile connections with teams of lawyers and people working in the judiciary. They can pull the names of the possible suspects who might have committed the crime based on the information victims provide.
How to Choose a Good Fund Recovery Expert?
Losing money in a scam is already stressful. When a victim has a hard time finding a company that aligns with their motives, it can worsen the situation. Therefore, locating a company that makes the fund recovery process seamless becomes essential.
Emotional support: An excellent forensics recovery team will guide scam victims and provide required emotional support.
Experience matters: Knowing the number of cases a company has worked on and the people they have helped can prove a fund recovery service's experience and reputation.
Background reviews: An official website will mention the agency's presence in the field.
Post of fund recovery agents: Pay attention to the experts and their relevant fields in the agency. It will give the victims a good idea of whether the company can help them.
The chances of recovering most of the amount that has been lost in the scam widen when victims contact the right people. Fund recovery specialists take little to no time to investigate the case and implement the best approach in recouping money from scammers through legal procedure.