Fraud Detection

Fraud detection involves identifying and preventing dishonest activities, such as theft or deception, often aimed at financial gain. It uses various methods, including data analysis, algorithms, and machine learning, to spot unusual patterns or behaviors that may signal fraud. For example, if a bank sees multiple large withdrawals from a customer's account in a short time, it might flag this as suspicious. The goal is to protect individuals and organizations from losses, ensuring that transactions are legitimate and safeguarding sensitive information. Effective fraud detection is crucial in maintaining trust in financial systems and services.