FraudVista – Real -Time Fraud Detection and Monitoring Platform for Mobile Banking Transactions

Abstract

"With its unmatched convenience, mobile banking has completely changed how people handle their finances. But this has also brought forth new risks, especially regarding mobile transaction fraud. Financial organizations and customers are at high risk from undetected mobile banking fraud. The purpose of this research project is to examine the effects and root causes of these scams and provide a real-time detection and visualization solution. Starting with a comprehensive analysis of typical fraud tactics, system weaknesses, and consequences arising from crimes that go unnoticed, the research further analyses the fraud landscapes related to mobile banking. Real world statistical data will be used to fully understand the impact on financial organizations as well as customers. The problem was validated by interviews and surveys done with the industry experts and the employees in IT security and mobile banking industry. The research then focuses on implementing a solution for real-time fraud detection and monitoring which aims to swiftly identify suspicious activity related to mobile transactions as they occur. In order to help identify fraud tactics, it will also give priority to visualization interfaces that are easy to use. In conclusion, this research project aims to provide a new approach for real-time detection and monitoring to tackle the pressing issue of mobile transaction fraud. In an increasingly digital environment, the suggested solution seeks to protect the interests of customers and financial institutions by strengthening the security of mobile banking systems."