ROLE OF BIG DATA IN FINANCIAL INSTITUTIONS FOR FINANCIAL FRAUD

Abstract

In the age of technology, big data is one of the most recent market and technological concerns. each day, hundreds of millions of incidents happen. In the estimation of big data activities, financial institutions are profoundly involved. As a result, each day, hundreds of millions of financial transactions take place in the financial world.. The aim of this study is to analyze the role of big data in financial institutions for financial fraud, for this purpose secondary data collected through literature review, Most of the knowledge provided in today's world is in an unstructured format and comes in terms of tempo, variety, and variability. It is difficult to extract relevant information from it, The finding depicted that unstructured big data play a positive role in the financial institutions for financial fraud .the ability to cope with larger data volumes and work with new, unstructured forms of data would greatly increase criminal activity identification. We conclude that the significant values of secret associated data. Automated detection of fraud in financial institutions has aimed to gather valuable information to reduce financial fraud. The foremost consistent, best-turned approach for recognizing rules and design of action that can help detect frauds or a financial crime is big data analytics and data mining techniques since it is the leading strategy to recognize similitude between an individual or bunch behavior recognized from numerous sources and cross-checking value-based information behavior. The study recommends the researcher find more challenges, opportunities, tools, and techniques of big data analytics, also find as how many organizations have implemented big data and how big data helps to generate sales.