Application of Data Mining Techniques for Financial Accounting Fraud Detection Scheme

Provided by: International Journal of Advanced Research in Computer Science and Software Engineering (IJARCSSE)
Topic: Data Management
Format: PDF
Data mining techniques are providing great aid in financial accounting fraud detection, since dealing with the large data volumes and complexities of financial data are big challenges for forensic accounting. The implementation of data mining techniques for fraud detection follows the traditional information flow of data mining, which begins with feature selection followed by representation, data collection and management, pre - processing, data mining, post-processing, and performance evaluation. Data mining methods have the capability of detecting fraud because these techniques can use past cases of fraud to build models, which identify and detect the risk of fraud. Financial statement fraud, one of the financial frauds, has reached the epidemic proportion globally.

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