By Allan Lengel
FinAware, a new start-up company that uses AI software to simplify and analyze financial transactions and data for criminal investigations, is collaborating in a unique program with Marquette University’s Justice for Fraud Victims Program.
The partnership, which began in Fall semester, pairs graduate students in the Masters Accounting Program with law enforcement and anti-fraud professionals to investigate active fraud cases that might otherwise be left unaddressed due to limited local law enforcement resources, said FinAware, Wyoming-based company founded by former FBI and DEA agents.
Using the FinAware Financial Analysis Tool, students review police reports, bank statements, and financial transactions under strict confidentiality. Under the guidance of a seasoned mentor, students compile comprehensive forensic accounting reports that contribute to active investigations, FinAware said in a press release.
FinAware says it automates time-consuming data input and allows students to focus on in-depth analysis and uncover critical insights.
“Our students spend many hours poring over police reports and bank statements to trace the flow of suspected illicit transactions,” said Adjunct Professor April DeValkenaere, a financial crime investigator herself. “The students had praise for the FinAware tool’s ability and speed to properly image the bank statement information, which frees them up to focus more time on analysis.”
Colin Schmitt, co-founder of Watchtower Group, which developed the FinAware software, said:
“We’re thrilled to see FinAware being used by Marquette students in such a hands-on, impactful program.”
