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Here are couple of definitions searched from google: A type of statistical computer program which classifies large and complex data sets by grouping cases together in a way similar to the human brain. Used in data mining. In information technology, a neural network is a system of programs and data structures that approximates the operation of the human brain. A neural network usually involves a large number of processors operating in parallel, each with its own small sphere of knowledge and access to data in its local memory. Typically, a neural network is initially "trained" or fed large amounts of data and rules about data relationships (for example, "A grandfather is older than a person's father"). A program can then tell the network how to behave in response to an external stimulus (for example, to input from a computer user who is interacting with the network) or can initiate activity on its own (within the limits of its access to the external world).

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Neural Networks (NN) are also used as fraud detection programs. e.g. Consider a Bank. On of the function of bank is to provide loans. By creating a NN, the bank will feed its past data in the NN about the applicant, the loan details, the financial ratios and the outcome of the loan. The NN on a trial and error basis will try to establish a non linear relationship between the applicant financial ratios and the outcome of the loan and will create a model of the same. So the next time when a application for loan come the bank would simple process the application using the NN and try to predict the outcome of the loan. An NN is a type of nonlinear statistical analysis program that utilizes a learning process (trial and error) to repeatedly analyze a collection of historical data sets to recognize a pattern in that data and to automatically produce a model of that data.

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