Costing billions of dollars a year and eroding public confidence in financial institutions, financial fraud represents a danger to both people and organizations. The more sophisticated the approaches that fraudsters use, the more difficult it is for standard detection tools to keep up. A potent remedy is provided by predictive analytics, which makes it possible to spot fraudulent activity before it does serious harm. This article explores important techniques, resources, and technology related to financial fraud detection using predictive analytics. It looks at real-world case studies, analyzes the advantages and difficulties of using predictive models, and projects future directions in fraud prevention. Financial organizations may lower losses, strengthen fraud detection, and safeguard the integrity of their operations by implementing predictive analytics.

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Harnessing Predictive Analytics for Financial Fraud Detection: Strategies, Tools, and Impact

  • Anudeep Arora,
  • Anil Kumar Gupta,
  • Lida Mariam George,
  • Neha Arora,
  • Ranjeeta Kaur,
  • Neha Tomer,
  • Vibha Soni,
  • Prashant Vats

摘要

Costing billions of dollars a year and eroding public confidence in financial institutions, financial fraud represents a danger to both people and organizations. The more sophisticated the approaches that fraudsters use, the more difficult it is for standard detection tools to keep up. A potent remedy is provided by predictive analytics, which makes it possible to spot fraudulent activity before it does serious harm. This article explores important techniques, resources, and technology related to financial fraud detection using predictive analytics. It looks at real-world case studies, analyzes the advantages and difficulties of using predictive models, and projects future directions in fraud prevention. Financial organizations may lower losses, strengthen fraud detection, and safeguard the integrity of their operations by implementing predictive analytics.