FRAUD PREVENTION AND DETECTION SYSTEM IN NIGERIA BANKING INDUSTRIES

Abstract

Fraud is on the rise as a result of the advent of modern technology and the global superhighways of banking transactions, resulting in billions of dollars in losses worldwide each year. Although fraud prevention technologies are the most effective method of combating fraud, fraudsters are flexible and will usually find a way around them over time. We need fraud detection approaches if we are to catch fraudsters after fraud prevention has failed. Statistics and machine learning are effective fraud detection technologies that have been used to detect money laundering, e-commerce credit card fraud, telecommunications fraud, and computer intrusion, to name a few. The program is simple to use, and anyone with permission can use it. The importance of computer technology has expanded as it has advanced in all areas of human endeavor.                        Keywords: Fraud Detection, Fraud Prevention, Banking Industries, Telecommunications.