scholarly journals Classification and Fraud Detection in Finance Industry

2017 ◽  
Vol 176 (3) ◽  
pp. 45-52
Author(s):  
Akshansh Sinha ◽  
Shivam Mokha
Keyword(s):  
Fraud Detection ◽  
Finance Industry

scholarly journals A semantic rule based digital fraud detection

2021 ◽  
Vol 7 ◽  
pp. e649
Author(s):  
Mansoor Ahmed ◽  
Kainat Ansar ◽  
Cal B. Muckley ◽  
Abid Khan ◽  
Adeel Anjum ◽  
...  
Keyword(s):  
Financial Institutions ◽  
Domain Knowledge ◽  
Fraud Detection ◽  
Internet Banking ◽  
Financial Fraud ◽  
Rule Based ◽  
Finance Industry ◽  
Malicious Activity ◽  
Reactive Process ◽  
Substantial Problem

Digital fraud has immensely affected ordinary consumers and the finance industry. Our dependence on internet banking has made digital fraud a substantial problem. Financial institutions across the globe are trying to improve their digital fraud detection and deterrence capabilities. Fraud detection is a reactive process, and it usually incurs a cost to save the system from an ongoing malicious activity. Fraud deterrence is the capability of a system to withstand any fraudulent attempts. Fraud deterrence is a challenging task and researchers across the globe are proposing new solutions to improve deterrence capabilities. In this work, we focus on the very important problem of fraud deterrence. Our proposed work uses an Intimation Rule Based (IRB) alert generation algorithm. These IRB alerts are classified based on severity levels. Our proposed solution uses a richer domain knowledge base and rule-based reasoning. In this work, we propose an ontology-based financial fraud detection and deterrence model.

Fraud Detection Life Cycle Model: A Systematic Fuzzy Approach to Fraud Management

2015 ◽  
Vol 14 (02) ◽  
pp. 1550010
Author(s):  
Rajiv Arora ◽  
Daya Gupta ◽  
Payal Pahwa
Keyword(s):  
Life Cycle ◽  
Credit Card ◽  
Fraud Detection ◽  
Inference Rules ◽  
Life Cycle Model ◽  
Cycle Model ◽  
Finance Industry ◽  
Efficient Detection ◽  
Made In

Advancements in science and technology have impacted the global scenario significantly in each and every sphere of life. Unfortunately, this has also caused an increase in the number of frauds in various fields. Fraudsters are making an illegal access to the users' account in parallel with the users without being detected which results in heavy losses in terms of money, data and time. Therefore, detection of frauds has become an important need for the organizations not only to prevent the misuse but also to detect and report any such access as and when it is made. In this paper, a fraud detection life cycle model is proposed which reveals the detection of fraudulent behavior of customers. The objective of this life cycle model is to minimize the frauds occurring in different areas which are sensitive to fraudulent behavior such as telecommunication, credit card, finance industry and so on. We have presented a case study of Public Sector Telecommunication Company to demonstrate the life cycle model and further shown how our proposed life cycle model works on it by using some fuzzy-based inference rules for efficient detection of frauds.

The Severity of Internal Controls over Financial Reporting Deficiencies: Differences among Types and Industries

2014 ◽  
pp. 55-77
Author(s):  
Tatiana Mazza ◽  
Stefano Azzali
Keyword(s):  
Information Technology ◽  
Financial Reporting ◽  
Internal Control ◽  
Service Industry ◽  
Listed Companies ◽  
Internal Controls ◽  
Service Companies ◽  
Finance Industry ◽  
Material Weaknesses ◽  
Fixed Assets

This study analyzes the severity of Internal Control over Financial Reporting deficiencies (Deficiencies, Significant Deficiencies and Material Weaknesses) in a sample of Italian listed companies, in the period 2007- 2012. Using proprietary data the severity of the deficiencies is tested for account-specific, entity level and information technology controls and for industries (manufacturing and services vs finance industries). The results on ICD severity is compared with one of the most frequent ICD (Acc_Period End/Accounting Policies): for account-specific, ICD in revenues, purchase, fixed assets and intangible, loans and insurance are more severe while ICD in Inventory are less severe. Differences in ICD severity have been found in the characteristic account: ICD in loan and insurance for finance industry and ICD in revenue, purchase for manufacturing and service industry are more severe. Finally, we found that ICD in entity level and information technology controls are less severe than account specific ICD in all industries. However, the results on entity level and information technology deficiencies could also mean that the importance of these types of control are under-evaluated by the manufacturing and service companies.

General Takaful claims: An experience of Takaful operator in Malaysia

2017 ◽  
Vol 5 (4) ◽  
pp. 18
Author(s):  
Amirul Afif Muhamat ◽  
Mohamad Nizam Jaafar ◽  
Sharifah Faigah Syed Alwi
Keyword(s):  
Life Insurance ◽  
Islamic Finance ◽  
Rigorous Analysis ◽  
Finance Industry ◽  
General Insurance ◽  
Bright Side ◽  
Main Components ◽  
Islamic Insurance ◽  
Gathering Data ◽  
Observation Period

Takaful is interchangeably referred as Islamic insurance. In Malaysia, the takaful sector is part of the main components for Islamic finance industry. The business can be divided into two: general and family takaful. To ease understanding on this niche sector; general takaful is comparable to general insurance while family takaful is akin to life insurance with special reference needs to be given on the requirement of the business to adhere to the Islamic precepts. The main business in general takaful is motor takaful and this line of business is faced with high takaful claims. This study appraised the factors which affect the general takaful claims based on the experience of one takaful operator in Malaysia (the name of takaful operator is not disclosed due to confidentiality). The factors are: number of claims; fraud; and coverage for protection. The limitation of this study is that the observation period is only 10 years which limits rigorous analysis to be done. Nevertheless, previous studies in this area depict the same limitation – constraint in gathering data that has long observation period. On the bright side, the data in this study is still capable to produce meaningful results to be referred with regards to this issue – general takaful claims.

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