Detection and prediction of financial fraud using a beneish model

Abstract

Fraud detection is a field that is of growing interest and can be applied to several industries panning banking and financial sectors, insurance, government agencies, law enforcement, and plenty more. There has been an alarming increase in the number of fraud attempts in the recent past making the study on fraud detection more relevant and important now. However, in spite of several efforts taken by the affected institutions, several millions of dollars are lost to fraud every year as detecting these instances are very tricky.