Fraud detection is a set of activities undertaken to prevent money or property from being obtained through false pretenses. Fraud detection is applied to many industries such as banking or insurance. In banking, fraud may include forging checks or using stolen credit cards. Other forms of fraud may involve exaggerating losses or causing an accident with the sole intent for the payout. With an unlimited and rising number of ways someone can commit fraud, detection can be difficult to accomplish. Activities such as reorganization, downsizing, moving to new information systems or encountering a cybersecurity breach could weaken an organization's ability to detect fraud. This means techniques such as real- time monitoring for frauds is recommended. Organizations should look for fraud in financial transactions, location, devices used, initiated sessions and authentication systems. Fraud detection should form part of an organization's overall anti-fraud strätegy to identify and stop new or historical fraud at the earliest opportunity. Effective fraud detection saves money and protects businesses and their employees, shareholders, and customers.

a. Explain clearly what fraud detection is;
b. Discuss in detail the key elements of an effective fraud detection strategy.