  With an increase in financial accounting fraud in the current economic
scenario experienced, financial accounting fraud detection has become an
emerging topics of great importance for academics, research and industries.
Financial fraud is a deliberate act that is contrary to law, rule or policy
with intent to obtain unauthorized financial benefit and intentional
misstatements or omission of amounts by deceiving users of financial
statements, especially investors and creditors. Data mining techniques are
providing great aid in financial accounting fraud detection, since dealing with
the large data volumes and complexities of financial data are big challenges
for forensic accounting. Financial fraud can be classified into four: bank
fraud, insurance fraud, securities and commodities fraud. Fraud is nothing but
wrongful or criminal trick planned to result in financial or personal gains.
This paper describes the more details on insurance sector related frauds and
related solutions. In finance, insurance sector is doing important role and
also it is unavoidable sector of every human being.
