Analyzing techniques for fraud detection in financial transactions

Abstract

Transactional data handling in real time is the most security concerning task for companies these days due to the recent advancements in attacks occurring in financial data. One of these attacks modifies or adds fake transactions to the input data thereby reducing their genuineness and credibility of the system in place for the financial corporations. In order to improve the security of the financial transactions and detect fake transactions, researchers have developed many techniques, some of which are reviewed in this paper. This paper also compares these state-of-the-art techniques and concludes which techniques are better for handling financial data. The paper concludes with some interesting observations about these algorithms and suggests improvements in them so that a better and more secure system can be built upon..