What is Fraud Detection?

Fraud Detection is a process or set of processes that analyzes, detects, and prevents fraud threats to a business. These threats are aimed at obtaining money or property and can include identity theft, fraudulent purchases, insurance scams, cyberattacks, money laundering, and more. Fraud detection is most effective when it is a comprehensive, multifaceted approach that can include one or more of the following: fraud detection software, company policies, employee training.