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Internet fraud is increasing on a daily basis with new methods for extracting funds from government, corporations, businesses in general, and persons appearing almost hourly. The increases in on-line purchasing and the constant vigilance of both seller and buyer have meant that the criminal seems to be one-step ahead at all times. To pre-empt or to stop fraud before it can happen occurs in the non-computer based daily transactions of today because of the natural intelligence of the players, both seller and buyer. Currently, even with advances in computing techniques, intelligence is not the current strength of any computing system of today, yet techniques are available which may reduce the occurrences of fraud, and are usually referred to as artificial intelligence systems.This paper provides an overview of the use of current artificial intelligence (AI) techniques as a means of combating fraud.Initially the paper describes how artificial intelligence techniques are employed in systems for detecting credit card fraud (online and offline fraud) and insider trading.Following this, an attempt is made to propose the using of MonITARS (Monitoring Insider Trading and Regulatory Surveillance) Systems framework which use a combination of genetic algorithms, neural nets and statistical analysis in detecting insider dealing. Finally, the paper discusses future research agenda to the role of using MonITARS system.