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In recent years, the unprecedented growth in digital payments fueled consequential changes in fraud and financial crimes. In this new landscape, traditional fraud detection approaches such as rule-based engines have largely become…
The application of machine learning to support the processing of large datasets holds promise in many industries, including financial services. However, practical issues for the full adoption of machine learning remain with the focus being…
Data economy relies on data-driven systems and complex machine learning applications are fueled by them. Unfortunately, however, machine learning models are exposed to fraudulent activities and adversarial attacks, which threaten their…
Financial crimes like money laundering and terrorism financing can have significant impacts on society, including loss of trust in the integrity of the financial system, misuse and mismanagement of public funds, increase in societal…
Credit and debit cards, rather than actual money, have become the universal payment means. With these cards, it has become possible to buy expensive items easily without an additional complex authentication procedure being conducted.…
The detection of frauds in credit card transactions is a major topic in financial research, of profound economic implications. While this has hitherto been tackled through data analysis techniques, the resemblances between this and other…
The automatic detection of frauds in banking transactions has been recently studied as a way to help the analysts finding fraudulent operations. Due to the availability of a human feedback, this task has been studied in the framework of…
The UK anti-fraud charity Fraud Advisory Panel (FAP) in their review of 2016 estimates business costs of fraud at 144 billion, and its individual counterpart at 9.7 billion. Banking, insurance, manufacturing, and government are the most…
Credit card frauds are at an ever-increasing rate and have become a major problem in the financial sector. Because of these frauds, card users are hesitant in making purchases and both the merchants and financial institutions bear heavy…
Credit cards play an exploding role in modern economies. Its popularity and ubiquity have created a fertile ground for fraud, assisted by the cross boarder reach and instantaneous confirmation. While transactions are growing, the fraud…
Given a set of financial transactions (who buys from whom, when, and for how much), as well as prior information from buyers and sellers, how can we find fraudulent transactions? If we have labels for some transactions for known types of…
Insurance fraud occurs when policyholders file claims that are exaggerated or based on intentional damages. This contribution develops a fraud detection strategy by extracting insightful information from the social network of a claim.…
Today, money laundering poses a serious threat not only to financial institutions but also to the nation. This criminal activity is becoming more and more sophisticated and seems to have moved from the clichy of drug trafficking to…
Fraudulent claim detection is one of the greatest challenges the insurance industry faces. Alibaba's return-freight insurance, providing return-shipping postage compensations over product return on the e-commerce platform, receives…
In order to understand the application of computer technology in financial investment, the author proposes a research on the application of computer technology in financial investment. The author used user transaction data from a certain…
Financial crime is a large and growing problem, in some way touching almost every financial institution. Financial institutions are the front line in the war against financial crime and accordingly, must devote substantial human and…
Machine learning has opened up new tools for financial fraud detection. Using a sample of annotated transactions, a machine learning classification algorithm learns to detect frauds. With growing credit card transaction volumes and rising…
Credit card fraud causes significant financial losses and frequently occurs as fraud attack, defined as short-term sequence of fraudulent transactions associated with high transaction rates and amounts, business areas historically tied to…
In the insurance industry detecting fraudulent claims is a critical task with a significant financial impact. A common strategy to identify fraudulent claims is looking for inconsistencies in the supporting evidence. However, this is a…
In the financial field of the United States, the application of big data technology has become one of the important means for financial institutions to enhance competitiveness and reduce risks. The core objective of this article is to…