fraud detection
Finding financial deception
Fraud detection is the process of identifying deceptive or unauthorized activity, especially in financial transactions.
Banks and credit card companies use fraud detection systems to flag suspicious purchases: My card was declined because fraud detection flagged the overseas transaction.
The term applies broadly to any systematic effort to catch dishonest behavior before or after it occurs.
- stolen identityFraudulent use of another's information
- forensic accountingExamining records for fraud
- follow the moneyInvestigate by tracking payments
- insider tradingIllegal securities transactions using nonpublic information
- pattern recognitionIdentifying regularities in inputs
red flags · too good to be true · shell company · risk assessment · suspicious activity · whistleblower protections · tax evasion · neural networks · compliance · phishing scams · audit trail · paper trail · flagged · behavioral analysis · blockchain technology · audit · scam · suspicious
- RegTechAML, beneficial ownership, identity verification, audit trails, risk management
- bankingbank, banks, ATM, ATMs, account
- e-commercecheckout, shopping cart, online shopping, cart, online retail
- fintechfintech, mobile banking, digital wallet, mobile payment, digital wallets
- AI toolsAI, machine learning, neural networks, chatbots, virtual assistants
- banking systemstransactions, deposits, withdrawals, transfers, balances
fraud detectionfraudulent activity
Deceptive illegal conduct
fraud · money laundering · evidence tampering · cover-up · embezzlement
fraud detectionwillful blindness
Conscious avoidance of knowledge
turning a blind eye · looking the other way · rubber-stamping · dereliction of duty