A Study on Financial Frauds In Organizations

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Abstract

Data mining is able to uncover unknown patterns andpredict future trends and behaviors in financial markets. It createsopportunities for companies to make proactive and knowledge-driven decisions inorder to gain a competitive advantage. Data mining has been applied to a numberof financial applications, including development of trading models, investmentselection, loan assessment, portfolio optimization, fraud detection, bankruptcyprediction, real-estate assessment, and so on. The competitive advantagesachieved by data mining include increased revenue, reduced cost, and muchimproved marketplace responsiveness and awareness.