External fraud is defined as illegal acts carried out by employees against the company that they work for.

Criminal fraud is when someone alters documents or conceals evidence in order to enjoy personal gain.

Financial Conduct Authority (FCA) has developed a guide for companies, which was published in April 1990.

Phishing is a malicious software that includes computer viruses, worms, and trojans.

One of the most common types of fraud experienced today is identity fraud.

Unsupervised learning method is when there is a target variable with values that are known and where predictions will be made using other variable values as input.

An employee paying two cheques each time they pay a bill can amount to hundreds of thousands over a few years.

Investment fraud is when stock investors are targeted and the fraudster will attempt to steal their identities and money.

4,500 people in the United Kingdom are victims of bank fraud each and every day.

Employee fraud is when an employee sees a crack in the system and takes advantage for their own personal financial gain.

On the books fraud will leave no or very little audit trail, making it very hard to investigate and prove.

Supervised learning involves data where there is no target variable.

Identity fraud makes up the 71% of all frauds and is followed by misuse of facility fraud.

External fraud can include procurements.

Internal fraud occurs when an employee deceives a customer or vendor.

Illegal gratuity is another way to describe bribery.

Outlier detection measures the distance between data points.

Insurance fraud is often also referred to as embezzlement

There were 430,630 fraud offences in England and Wales in 2014/2015.

Internal fraud can include personnel management.

Fear is one of the fraud motivators that you need to be aware of.

Fraud against the public sector is estimated to be £10.6 billion per annum.

False vendor payments are very common within companies and one of the easiest ways for fraud to occur.

Corporate fraud is when a person is targeted directly.

Corporate Espionage is when a company’s intellectual property rights and secure information is stolen.

Kickbacks often takes place through a revenue overstatement.

Money mule schemes focus on unsuspecting victims to become money mules in the heart of a money laundering process.

Terrorist financing relates to the processing of funds with the intend to sponsor a terrorist activity.