Fraud detection: the problem, solutions and tools

"Fraud is a billion-dollar business There are many formal definitions but essentially a fraud is an "art" and crime of deceiving and scamming people in their financial transactions. Frauds have always existed throughout human history but in this age of digital technology, the strategy, extent and magnitude of financial frauds is becoming wide-ranging -- from credit cards transactions to health benefits to insurance claims. Fraudsters are also getting super creative. Who's never received an email from a Nigerian royal widow that she's looking for trusted someone to hand over large sums of her inheritance? No wonder why is fraud a big deal.