What is a financial fraud?
Fraud particularity lies in cheating people. There are many different ways to do it. But if we speak about the financial field, there are a few widespread manipulations like:
Carding
Counterfeit banking card skimming. Hackers are installing special devices on ATMs that read card data;
Maleficent software
Viruses are not sleeping. Hackers create viruses that can simplify the process of stealing money. But in most cases an antivirus can detect such software;
Phishing
A type of Internet fraud that allows criminals to steal the confidential data of users. Sometimes it can be a fake copy of your website, for example, where you input all your personal data but then falls into bad hands;
Mobile fraud
A maleficient virus can read all information you input in your mobile app and steal important financial data.
Generally, all types of a financial fraud can be divided into 4 main groups:
falsification of financial accounting;
misuse/appropriation of company property;
abuse of an official position;
fraud in e-systems.
In some cases, if it is about abuse of power or something like this, the administrative measure can be applied. However, when business processes that are in the fraud risk group are processed in informational systems, administrative measures can be useless. That is where anti-fraud systems come in.
Read more in full article Fraud Detection Machine Learning
