Fraud Analytics

Special methods of intelligent data analysis to detect and prevent the fraud.

Fraud analytics can be defined as a multidisciplinary field that combines numerous quantitative sciences in order to better understand fraud, for example through business intelligence (BI), and develop effective fraud detection solutions through data science. Fraud analytics is an umbrella term covering a lot of technologies. In the fraud management space, BI can be thought of as a descriptive performance reporter. It summarizes available data to provide business dashboards and insights to business leaders and fraud managers so they can make more informed decisions. This can involve, for example, analyzing the performance of fraud strategy rules. Fraud detection means the identification of actual or expected fraud to take place within an organization. An organization needs to implement proper systems and processes to detect frauds at an early stage or even before it occurs. Fraud detection consists of the following techniques. Fraud detection means the identification of actual or expected fraud to take place within an organization. An organization needs to implement proper systems and processes to detect frauds at an early stage or even before it occurs. Accounting fraud is the intentional manipulation of financial statements to create a facade of a company’s financial health. It involves an employee, account or the organization itself and is misleading to investors and shareholders. The recent fascination with artificial intelligence and machine learning has made some of us (naturally intelligent) humans confused about the role that these technologies play in the broader field of fraud analytics. fraud analytics can be defined as a multidisciplinary field that combines numerous quantitative sciences in order to better understand fraud, for example through business intelligence (BI), and develop effective fraud detection solutions through data science. Fraud analytics is an umbrella term covering a lot of technologies — let’s look at the two big categories.