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Fraud can violate civil law or criminal law, or it may cause no loss of money, property, or legal right but still be an element of another civil or criminal wrong. [1] The purpose of fraud may be monetary gain or other benefits, for example by obtaining a passport, travel document, or driver's license, or mortgage fraud, where the perpetrator ...
Fraud and financial crime patterns have become more digital and faster changing, leveraging the underlying characteristics of the underlying digital payments infrastructures. This caused traditional rule based systems to be ineffective and led the way to machine learning and AI-based fraud detection techniques.
Mass-marketing fraud (or mass market fraud) is a scheme that uses mass-communication media – including telephones, the Internet, mass mailings, television, radio, and personal contact – to contact, solicit, and obtain money, funds, or other items of value from multiple victims in one or more jurisdictions.
Voter fraud comes in many forms, all of which involve an effort to interfere with the outcome of an election. Fraudulent voters might cast two ballots in one election, whether by impersonating ...
Consumer fraud are deceptive practices which result in financial losses of consumers. Common fraudulent tactics include false promises and inaccurate claims, as well as outright cheating . [ 1 ] [ 2 ]
Fraud detection is a knowledge-intensive activity. The main AI techniques used for fraud detection include: . Data mining to classify, cluster, and segment the data and automatically find associations and rules in the data that may signify interesting patterns, including those related to fraud.
Fraud: online auction fraud, advance fee fraud, credit card fraud, Internet banking Forgery : manipulation of digital documents. Identity theft : It refers to stealing private information including Social Security Numbers (SSN), passport numbers, Date of birth, addresses, phone numbers, and passwords for non-financial and financial accounts.
In microcap fraud, stocks of small companies of under $250 million market capitalization are deceptively promoted, then sold to an unwary public. This type of fraud has been estimated to cost investors $1–3 billion annually. [19] Microcap fraud includes pump and dump schemes involving boiler rooms and scams on the Internet.