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Overview:
1. **Scope and Importance**: Fraud detection is vital for maintaining the integrity
and trustworthiness of financial systems, protecting both institutions and
consumers from financial losses and reputational damage.
By providing an overview of these key aspects, this section lays the groundwork for
a deeper exploration of fraud detection in financial transactions, setting the
stage for further analysis of its history, elements, and real-world impact.
History:
4. **Shift to Data Analytics**: The rise of data analytics in the late 20th century
marked a significant milestone in fraud detection. By harnessing the power of
statistical analysis and predictive modeling, financial institutions could identify
patterns and anomalies indicative of fraudulent behavior, leading to more proactive
detection and prevention efforts.
Elements: