The world of finance is a complicated one. Very few people actually understand how credit cards, electronic banking transfers and other technology-driven banking systems work. There are a few, though, who have established themselves as experts in this field, and they can be called as witnesses in a court of law. To learn more about a financial expert witness, consider these three frequently asked questions.
What Is a Financial Expert Witness?
These witnesses are called to the stand during litigation that involves complex financial matters that the lay person may not understand without an expert’s explanation. Financial experts are highly-sought after because there are very few who understand all the ins and outs of cloud-based technologies relating to finance.
When Are They Needed?
When a transaction is being disputed in a court of law, one of these witnesses may be called. When there is evidence that a financial system was hacked, the witness may be needed. If there is a breach in a company’s database of customer financial data, an expert witness may be called in to explain how the breach occurred and if it could have been prevented.
How Does One Become a Financial Expert Witness?
In order to be a financial expert witness, one must obviously qualify as a financial expert. Those with a strong background in banking, electronic banking systems and company finance are good candidates. It can also be helpful to have a background in law so that one can understand what is involved in a legal proceeding involving financial matters.
Due to the complexity of the way that people use money in today’s modern world, the usefulness of financial expert witnesses continues to rise. They provide a valuable service for both plaintiffs and defendants and can be crucial to the outcome of many modern court cases.