Financial Statement Fraud Detection by Data Mining
Journal: International Journal of Advanced Networking and Applications (Vol.1, No. 03)Publication Date: 2009-11-02
Authors : G.Apparao; Dr.Prof Arun Singh; G.S.Rao; B.Lalitha Bhavani; K.Eswar; D.Rajani;
Page : 159-163
Keywords : Financial fraud detection; fraudulent financial statements; data Mining; management fraud;
Abstract
Financial losses due to financial statement frauds (FSF) are increasing day by day in the world. The industry recognizes the problem and is just now starting to act. Although prevention is the best way to reduce frauds, fraudsters are adaptive and will usually find ways to circumvent such measures. Detecting fraud is essential once prevention mechanism has failed. Several data mining algorithms have been developed that allow one to extract relevant knowledge from a large amount of data like fraudulent financial statements to detect FSF. It is an attempt to detect FSF ; We present a generic framework to do our analysis.
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