Fraud Detection During Money Transaction and Prevention

摘要

With the increased use of digital money, online financial frauds are observed to be one of the most common cyber crimes. Credit/Debit card frauds are among the easy cyber crimes targeted by fraudster. In this paper all possible online frauds of present era and likely to be occur in future have been discussed. Ignorance, greed, availability of technical tools, malafide intentions, online and offline security breaches are some reasons behind these financial cyber crimes. Most of the fraud detections techniques have been studied with their merits and constraints. Proposal of two techniques to detect and understand dynamics of evolution of fraudsters with improvement of security systems and another technique of analysis of time series data of random variables describing characteristics of online frauds have been suggested to use in future scope.