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Fraud Management System (FMS) is a topic applicable to many industries including banking and financial sectors, insurance, telecommunication, government agencies and law enforcement, and more. Fraud attempts have seen a drastic increase in recent years, making fraud detection more important than ever.
Fraud – and financial crime in general – is one of the biggest risks that many organizations face. FMS detect fraud and potential fraud in an organization that consists of designing and implementing a suitable software system to discover the first signs of wrongdoing.
Although fraud is often overlooked, it can leave an organization open to significant losses. In recent years, with increased access to customer’s data and data analysis capabilities by using data mining methods, various activities carried out for customer behavior analysis. Data mining and statistics help to anticipate and quickly detect fraud and take immediate action to minimize costs. Through the use of sophisticated data mining tools, millions of transactions can be searched to spot patterns and detect fraudulent transactions.
Objectives of FMS
The benefits of implementing FMS
– Increased reliability of information.
– Improve the efficiency of fraud detection unit
– Measuring the performance of applications written in fraud detection unit
– Avoid wasting of firm’s income and investment
– Facilitate, accuracy and speeding up the discovery of fraud
– The possibility of closer examination of Completed fraud