Data Mining Techniques for Financial Fraud Detection

Abstract

This presented article mainly circumspect the idea of the increasing number of frauds in recent times. Frauds can deliberately cause accident for payout or intentional losses. With all the different methods of fraud, detection still becomes an upheaval task. In this article, we shed light on the various frauds that take account and the fraud detection techniques used with the help of data mining. The broad-based definition of data mining is ‘processes and activities designed to obtain and evaluate data to extract useful information’. It is definitely something very important when it comes to detection, which can result in taking immediate action to minimize cost.