ABSTRACT

In any organization, fraud detection and prevention is daunting task because millions of dollars lost with the different nature of fraudulent activities. Organizations got to engage intelligent and innovative techniques to detect fraud at the earliest opportunity to protect business and their shareholders, customers and employees. This paper surveyed different fraud detection research articles from the year 2004 to 2012 based on data mining techniques. This research work used to analyze the different affected business areas which discusses the data mining algorithms by higher fraud coverage. It also highlights the important challenges and limitations involved with the data mining techniques for detecting fraudulent activities.