Banking use cases

As we have already mentioned, anomaly detection enjoys a wide range of use cases. However, in this chapter, we have chosen to focus on those relating to the banking industry, and specifically, fraud detection.

Banking-related fraud schemes are typically categorized into areas that include corruption, cash, billing, check tampering, skimming, larceny, and financial statement deception.

Corruption

A Simple example of corruption detection in banks would be identifying transactions that include customers who appear on the US Treasury Department Office of Foreign Asset Control (OFAC) list, or those organizations on the list of uncooperative countries and territories.

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