Intelligent financial fraud detection practices: An Investigation

Research output: Book chapter/Published conference paperConference paperpeer-review

19 Citations (Scopus)


Financial fraud is an issue with far reaching consequences in the finance industry, government, corporate sectors, and for ordinary consumers. In-creasing dependence on new technologies such as cloud and mobile computing in recent years has compounded the problem. Traditional methods of detection involve extensive use of auditing, where a trained individual manually observes reports or transactions in an attempt to discover fraudulent behaviour. This method is not only time consuming, expensive and inaccurate, but in the age of big data it is also impractical. Not surprisingly, financial institutions have turned to automated processes using statistical and computational methods. This paper presents a comprehensive investigation on financial fraud detection practices using such data mining methods, with a particular focus on computational intelligence-based techniques. Classification of the practices based on key aspects such as detection algorithm used, fraud type investigated, and success rate have been covered. Issues and challenges associated with the current practices and potential future direction of research have also been identified.
Original languageEnglish
Title of host publicationProceedings of the International Conference on Security and Privacy in Communication Networks
Subtitle of host publication10th International ICST Conference, SecureComm 2014
EditorsMudhakar Tian, Srivatsa Jing, Jiwu Jing
Place of PublicationSwitzerland
Number of pages16
ISBN (Electronic)9783319238029
ISBN (Print)9783319238012
Publication statusPublished - 2014
Event10th International Conference on Security and Privacy in Communication Networks: SecureComm 2014 - Beijing, China, Beijing, China
Duration: 24 Sept 201426 Sept 2014


Conference10th International Conference on Security and Privacy in Communication Networks
OtherSecureComm'14 seeks high-quality research contributions in the form of well developed papers. Topics of interest encompass research advances in ALL areas of secure communications and networking. Topics in other areas (e.g., formal methods, database security, secure software, applied cryptography) will also be considered if a clear connection to private or secure communications/networking is demonstrated. The aim of SecureComm is to bring together security and privacy experts in academia, industry and government as well as practitioners, standards developers and policy makers, in order to engage in a discussion about common goals and explore important research directions in the field. SecureComm also serves as a venue for learning about state-of-the-art in security and privacy research, giving attendees the opportunity to network with experts in the field.
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